In this month?s World Agricultural Supply and Demand Estimates (WASDE), the USDA put out a big estimate for soybeans. They estimated that the United States will produce a record number of soybeans in 2022. While that is good news, it is still just an estimate. However, there was other good news for soybean producers in that WASDE report.
Mac Marshall is on the United Soybean Board (USB) and the U.S. Soybean Export Council (USSEC), where he is the Vice President of Market Intelligence. He says that while a record crop would be amazing, producers should also be happy that USDA upped their export forecast of old crop beans.
Marshall says that demand for U.S. soybeans is high, and it looks like it could carry over into the new crop balance sheets as well.
As we stated before, these are all just estimates. The biggest wild card out there is Mother Nature. Marshall says that she is already causing a few problems out there, but they can be overcome at this stage of the game.
You can learn more at unitedsoybean.org.
