U.S. soybean export premiums have hit a 14-month high as traders rush to export a record harvest amidst concerns over trade relations with China ahead of the presidential election.
While recent export demand offers a momentary reprieve for U.S. farmers facing low prices, it may not last; fears of a glut linger if demand from China decreases.
Chinese buyers are wary of U.S. tariffs, opting for Brazilian soy instead, potentially leaving the U.S. with surplus soy supplies and cancellation of shipments early next year.
The uncertainty surrounding tariffs from potential new U.S. administration could impact soybean exports significantly, with expectations of a drastic shortfall in USDA forecasts for the upcoming year.
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