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China’s bigger soy appetite, South American corn issues could stir markets

Rallying points. 

Market analyst Jeff Peterson with Heartland Farm Partners says China is reportedly upping its U.S. soybean import commitment.

“Sounds like China is committing to instead of the 12 million metric tons, 20 million metric tons for this current season. What that ends up meaning for bushels (is) that would be about another 294 million bushels.”

Speaking to Brownfield at the Iowa Ag Expo in Des Moines Wednesday, he said that could tighten soybean stocks enough to lift prices.

“Combine that also, go to South America right now. We know they’re going to have a really big bean crop, but the corn crop is the one we really need to focus on.”

Peterson says nearly a quarter of that corn crop will be planted outside the optimum window.

“That potentially could end up helping our corn market here in the U.S.”

He says U.S. planting intentions could also spark a rally.