The USDA published the December World Agricultural Supply and Demand Estimates this week and made just one change to the domestic soybean balance sheet. A 60-cent month over month decrease in the season ending average price with the price now at $10.20 per bushel.
World Agricultural Outlook Board Chair Mark Jekanowski says that is despite strong export demand for soybean oil.
He says an uptick in world soybean production in December is due to a rise in soybean production from Argentina.
The soybean production number from Canada was also adjusted upwards. Jekanowski explains the factors behind an increase in global soybean oil exports, including exports from the U.S.
