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The pace of soybean exports from the U.S. and South America probably will slow through the end of the season as Chinese demand declines because of ample stockpiles, Oil World said.
Combined exports from Brazil, Argentina and the U.S. will be 45.09 million metric tons from April through September, less than the 46.86 million tons shipped in the same period last year, the Hamburg-based researcher said in an e-mailed report. Exports will slow after 50.73 million tons of soybeans were shipped in the first half of the season that started Oct. 1, according to the report.
Soybeans on the Chicago Board of Trade, a global benchmark, rallied 13 percent this year as U.S. stockpiles tightened amid increasing demand from China in the first half of the season. Chinese importers may have defaulted on at least 500,000 tons of soybeans recently after failing to get access to credit, Oil World said. Slowing demand previously spurred China to cancel some soybean purchases from South America, Oil World has said.
“The strong dependence on demand from China is currently having repercussions on soybean producers and exporters,” Oil World said. It is “likely that soybean demand will suffer temporarily from the large soybean stocks accumulated in China and other importing countries in recent months.”
U.S. soybean stockpiles will be 135 million bushels at the end of the 2013-14 season, 6.9 percent below a previous estimate and less than reserves of 141 million a year earlier, the U.S. Department of Agriculture said April 9. U.S. exporters sold 44.6 million tons this season through April 3, about 4 percent more than the USDA projects shipments will reach for the entire year, raising speculation that some sales will be canceled.
March 18, 2014
Soybean futures rose the most this month on speculation that demand is rising for supplies from the U.S., tightening inventories. Wheat and corn also rallied.
Processors in the U.S. used 141.6 million bushels of soybeans to make animal feed and cooking oil in February, up 3.9 percent from the same month last year, the National Oilseed Processors Association said yesterday. Exporters shipped more than three times as many soybeans in the week ended March 13 than a year earlier, with 55 percent headed for China, the world’s biggest buyer, the U.S. Department of Agriculture said.
“Export demand continues to be strong, and soybean crushing rates remain very active,” Greg Grow, the director of agribusiness for Archer Financial Services Inc. in Chicago, said in a telephone interview.
Soybean futures for delivery in May rose 1.6 percent to $14.14 a bushel at 11:03 a.m. on the Chicago Board of Trade, heading for the biggest gain since Feb. 28. The price earlier touched $14.195, the highest since March 11
U.S. shipments of soybeans since Sept. 1 reached 38.9 million metric tons as of March 13, up 22 percent from the same period a year earlier, government data show. Before today, futures fell 4.5 percent since reaching a nine-month closing high of $14.5775 on March 7. Abiove, a soy-processors group in Brazil, cut is forecast for the domestic harvest this year to 86.1 million tons, from 87.6 million estimated in January.
Grain prices rose as dry, cold weather reduced crop conditions in parts of the U.S. Great Plains last week, Grow said. More low temperatures forecast over the next two weeks will delay thawing of Midwest soils and may delay optimal planting for corn and wheat in April, Grow said.
Wheat futures for May delivery rose 2 percent to $6.88 a bushel in Chicago. Corn futures for May delivery gained 1.4 percent to $4.855 a bushel.
February 19, 2014
Support for the beef checkoff, at 78 percent, is the highest recorded in the past 21 years, according to a recent survey of 1,225 beef and dairy producers nationwide.
The random survey conducted by the independent firm Aspen Media & Market Research in late December 2013 and early January 2014 found an overwhelming majority of beef and dairy producers continue to say their beef checkoff has value for them in many ways:
Eight out of 10 producers say the beef checkoff has helped to contribute to a positive trend in beef demand.
71 percent of producers say the beef checkoff contributes to the profitability of their operations.
77 percent say the checkoff is there for them in a crisis.
79 percent say the checkoff represents their interests.
Two in three beef producers believe the checkoff is well managed.
“Despite being challenged by drought, critics of the checkoff and groups who would like to see us go out of business,” says Producer Communications Working Group (PCWG) Chair Jeanne Harland, “beef and dairy producers continue to see more in their Beef Checkoff Program than just paying for a few ads or a few promotions. I’m one of the eight out of 10 who believe the checkoff has helped to contribute to a positive trend in beef demand.
“The beef checkoff has, for nearly 28 years, served the beef industry with programs producers want and that is why we see the checkoff ‘as representing our interests’ according to the survey,” says Harland.
One of the key priorities of the working group which Harland chairs is to ‘increase the understanding of how the checkoff works how [it] benefits them and their role as stakeholders,’ she notes.
“It’s an increasingly competitive world and for beef producers to continue to succeed we have to be able to not only produce a safe, nutritious and sustainable product, we have to promote its benefits in this country and worldwide. We can only do this by working together through the beef checkoff,” she says.