U.S. soybean exports are headed for a record 1.76 billion bushels this marketing year although the world is flooded with the oilseed, said USDA. In its monthly WASDE report on crop output and usage around the world, USDA raised its export forecast by 40 million bushels, to 1.76 billion bushels, citing “the record export pace in weeks and prospects for additional sales and shipments ahead of the South American harvest.” The world crop was estimated at a record 530.7 million tonnes, including a record 94 million tonnes from Brazil, the No 2 grower and exporter behind the United States.
Larger exports will whittle down the U.S. soybean stockpile somewhat but the forecast 410 million-bushel carryover, largest in eight years, would be four times larger than at the start of the marketing year. USDA says this year’s crop will sell for an average $10 a bushel, lowest farm-gate price in five years. The average corn price would be lowest in six years and wheat the lowest in four years.