U.S. Soybean Market Grows

Soybeans are used in a variety of items to substitute important nutrients. U.S. soybeans are in high demand around the world, especially in China. The United States Department of Agriculture predicts the United States predicts the U.S. will export 1.596 billion bushels of the oilseed in 2011.
To meet the demands of the USDA’s prediction, the United States must export 10 million bushels a week. To date China confirmed a contract for 1.13 billion bushels in 2011.
“It’s real demand,” Al Kluis, trader, analyst and charter told The Prairie Star. “They have been buying from the U.S., and odds are they will continue to buy from the U.S. China is unloading inventories, stored and all, and still, prices have been higher. They have a tremendous need for corn, soybean and bean meal. They are not buying to speculate, they are buying to consume.”
In 2010 exports were higher than expected and experts believe this trend will continue. The USDA believes Argentina will become an important as heavy rainfalls continue to destroy crops across the country.
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Written by: Melissa Warner / Farm Plus Staff Writer