The latest World Agricultural Supply and Demand Estimates report from the U.S. Department of Agriculture offers little change, as expected. Mac Marshall, United Soybean Board vice president of market intelligence, says the only major change was a reduction in old crop exports by 15 million bushels.
Marshall; “That carried forward into carryout and will be added to the beginning stocks that we have on Sept. 1 as we commence the new marketing year. Not a lot of changes, just that update on inventories, and generally in line with what the market was looking for.”
However, Marshall says this is an exciting time for the soy checkoff from a market standpoint as well as for checkoff activities, with the USDA acreage report offering more details for the growing season, in addition to upcoming attendance at the Port of Grays Harbor in Washington state to see firsthand the infrastructure advancements there.
Marshall says; “At the end of the month, we’ve of course got the acreage report coming out, going to keep our eyes on that. I’m really excited for around then, the last week of the month, our Executive Committee’s going to be gathering out near Grays Harbor, Washington, for an Executive Committee meeting, which is really exciting because out there, we’re actually going to get to see firsthand the Port of Grays Harbor and the expansion that’s underway out there, really important for the infrastructure advancement that we’re having in the U.S. to help facilitate what are likely going to be increased meal exports in the year to come as more and more crush comes online.”
For now, he says the markets are following the weather and Crop Progress reports; “We of course got off to a great start with planting, and now it’s all about the weather conditions we are going to have. Certainly, some dryness and pressure in different parts of the Midwest, so we’ll be looking for getting the right weather at the key stages of crop development, particularly as we head into July.”
Keep up with the latest news from the United Soybean Board at unitedsoybean.org and Wednesday mornings at 10 a.m. Eastern / 9 a.m. Central on RFD-TV.