There were a few surprises in last week’s World Agricultural Supply and Demand Estimates (WASDE) released by the United States Department of Agriculture (USDA). Soybean stocks came in lower than anticipated. The Iowa Soybean Association (ISA) feels this is a silver lining in a cloudy trade climate.
ISA President Bill Shipley feels the USDA is finally getting their estimates correct. Shipley says local elevators have been moving the bean supplies in Iowa.
There has been concern China is going to be drastically cutting their imports of US soybeans due to trade disagreements. However, Shipley says having lower stocks of soybeans is good news. Shipley also says while China has cancelled near month shipments, they are still buying new crop.
Shipley says despite Chinese trade being in the forefront, all the smaller markets add up.
Shipley also details ISA’s commitment to joining other Iowa Ag groups in sending a letter to U.S. Trade Representative Robert Lighthizer.