The US government has forecast the largest soyabean crop in history thanks to a favourable growing season, putting more pressure on prices for a commodity that has already been hit by Chinese tariffs.
The US Department of Agriculture said the 2018 US soyabean crop would total 4.59bn bushels this autumn, up 4 per cent from last year’s record 4.39bn bushels. The forecast reflected a bumper yield of 51.6 bushels per acre and widespread plantings across the Midwest.
The estimate suggests that farmers will have plenty of soyabeans to sell, albeit at lower prices. The department said the US would still be storing 785m bushels of leftover soyabeans next summer, a forecast up 205m from last month….
The USDA also forecast a larger-than-expected corn crop of 14.6bn bushels, thanks in part to a record yield of 178.4 bushels per acre.
via The Global Warming Policy Forum (GWPF)
August 11, 2018 at 10:11AM