The recent continuing strength in soybean prices could continue, based on USDA’s June report.
With global demand rising and South American crops shrinking due to weather woes, USDA lowered new-crop soybean ending stocks to 260 million bu. That comes as U.S. soybeans prices rose for nine weeks in a row, the longest bull run in 40 years.
Now American farmers are watching their weather, wondering if warmer forecasts could pose a threat to their soybean crops.
USDA’s June report left corn production estimates unchanged at 14.43 billions while estimating wheat supplies at a 29-year-high.
Soybeans Continue Run Upward