Global soybean demand may bounce back

Sep 04, 2024
By Farms.com

Current soybean export slump set for potential upturn

U.S. soybean export sales have notably decreased at the start of the 2024-2025 marketing year, primarily due to the impacts of a strong dollar and economic uncertainties linked to U.S. trade policy. This has resulted in one of the lowest sales starts in history for new-crop soybeans as global demand wanes.

Despite this bleak outset, CoBank's Knowledge Exchange report indicates potential for a turnaround. Historical data suggest that the pace of early season soybean export sales has little correlation with final marketing year figures.

Therefore, a rebound remains a strong possibility, especially with a record U.S. harvest expected this fall that could lead to competitive pricing and renewed interest among international buyers.

Factors poised to bolster U.S. soybean exports include anticipated declines in South American soybean yields, heightened EU interest in sustainably sourced soybeans, falling U.S. interest rates, and a potential economic rebound in China. These dynamics could collectively reinvigorate global demand for U.S. soybeans, offering optimism for export sales as the year progresses.

Video: Veteran Farmers: A Legacy of Service in Rural America

Veterans Day is a time to honor the men and women who have selflessly protected our freedoms and values. And for some, the transition from military service to civilian life brings them back to the farm.

At Farm Bureau, we believe it’s important to not only celebrate veterans but also those who continue to make a difference in agriculture and their community. We've partnered with Farm Credit to establish the Veteran Farmer Award of Excellence to shine a light on those who have continued to go above and beyond to serve their communities.

This year, we recognize retired Colonel Joe Ricker as the inaugural Veteran Farmer Award of Excellence winner. Joe served over 30 years in the Army before retiring from the Pentagon and completing tours in both Iraq and Afghanistan. Since leaving the Army, his commitment to excellence in farming and enriching the lives of veterans has blossomed in a myriad of ways in both his local community of Wilkinson, Indiana, and across the country. Joe grows apples and raises bees on his farm in Indiana. Joe founded “Veterans IN Farming,” an organization, now with more than 1,100 members, dedicated to providing veterans in Indiana with the tools and training to succeed in agriculture.

The American Farm Bureau Federation is an independent, non-governmental, voluntary organization, comprised of and directed by farm and ranch families who engage in all types of food, fuel and fiber production.