U.S. Soybean Exports Predicted To Plunge As Trade War Continues

he U.S. Department of Agriculture predicted Thursday a record surplus of soybeans during the next year after revising downward the amount of exported soybeans. U.S. farmers will export 250 million fewer soybean bushels than predicted earlier this year.

As a result, the U.S. will only export 2.04 billion bushels, and could have a record surplus stockpile of 580 million bushels, the report states. It’s a 195 million bushel uptick from the USDA forecast in June.

Soybean prices remained in the doldrums on Thursday. The July per bushel price ended the day at $8.30, a 23-cent drop since Monday. August per bushel prices rose slightly $8.33. An ongoing trade war between the U.S. and China, resulting from President Donald Trump’s decision to raise tariffs on certain Chinese imports, escalated earlier this week when the White House announced another $200 billion in trade tariffs. The USDA report identified the ongoing trade disputes as the root cause of the soybean export decline.    MORE

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