The U.S. Soybean Export Council (USSEC) hosted its exclusive World Agricultural Supply and Demand (WASDE) briefing on May 12. The WASDE, a monthly report published by the United States Department of Agriculture (USDA), provides a comprehensive forecast of supply and demand for major crops, both globally and in the United States.
Soybean surged to a fresh peak on Friday, extending a record run in the past few sessions. At the current levels, the legume has taken its rally to 132 per cent from last year’s low of Rs 3,228 per 100 kilograms.
China is taking in record amounts of soybeans from the United States and Brazil as its hog population recovers from a deadly disease that began nearly three years ago, but import expansion into the next marketing year might be minimal.Employees working at cargo ship Kypros Land which is loading soybeans to China at Tiplam terminal in Santos, Brazil, Merch 13, 2017. REUTERS/Paulo Whitaker
China has recorded strong demand for soybean but supply will remain stable, and the wholesale price will be 4,275 ($657.7) to 4,475 yuan per ton, estimated by a Chinese Agricultural Outlook Committee (CAOC) report released on Tuesday.
China’s soybean imports from the United States in 2020 rose by 52.8% from a year earlier, customs data showed last week, though the stepped-up buying likely fell short of what was needed to fulfill last year’s trade deal between the countries.
U.S. soybean futures rose 1.7% on Thursday, underpinned by the strong demand highlighted in the U.S. Agriculture Department’s monthly supply and demand report on Tuesday, traders said.
Analyst says the country is trying to reduce reliance on US and Brazil, but African production levels are too low to make a real difference It is the latest African nation to sign a deal for agricultural products with Beijing, which has pledged to expand imports