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In Friday’s WASDE report, USDA lowered its soybean ending stocks for the 2012/2013 marketing year to just 125 million bushels. The estimate dropped by 10 million bushels from the January WASDE report due to increased soybean crushing.
China remains to be a key export market for the United States, doing its part to pick away at that number. Iowa Soybean Association CEO Kirk Leeds says one reason for the increased demand is China’s growing middle class, and its growing appetite for pork.