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Chinese demand boosts soybean price outlook

Recent Chinese demand is helping improve the outlook for soybean prices.

Iowa State University Extension economist Chad Hart says China remains the number one export market for U.S. soybeans.

“Seeing them being more active now shows that we’ll likely see that action ramp up as we head toward the harvest season, and hopefully buoys what USDA has put out when you’re looking at the export potential.”

He tells Brownfield USDA’s latest supply and demand estimates show soy exports climbing from 1.7 billion bushels this marketing year to more than 1.8 billion next marketing year.

“It’s not where we were last year (or) two (or) three years ago, but at least it would be moving in a positive direction now.”

Hart says the U.S. is relying less on China for soybean demand and more on domestic markets like renewable diesel.

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