The Iowa Soybean Association (ISA) says soybean demand is stronger than ever and is expected to continue to grow, but large supplies and a record number of acres being planted in the United States could be a drag on the market. According to Wednesday’s U.S. Department of Agriculture (USDA) World Agriculture Supply and Demand Estimates Report, record soybean crush, exports and dwindling ending stocks this marketing year could trigger price rallies if the weather significantly delays planting and crop emergence in the major crop-producing states. Record production in South America and an overabundance of soybeans worldwide are overshadowing robust demand, according to experts. This year’s crop is estimated at 4.25 billion bushels, down 52 million bushels from last year’s record. National forecast averages are predicted at 48 bushels per acre, 4 bushels lower than last year, but there is expected to be a higher harvested area at 88.6 million acres.
