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USDA expects record soybean exports, ignores trade row
来源： 编辑：编辑部 发布：2018/05/16 15:49:23
US SOYBEAN exports will break a record this year despite the growing threat of a trade war with top-buyer China, according to the US Department of Agriculture (USDA), Reuters reports.
The USDA forecast in a monthly report that US soybean exports in the 2018/19 marketing year would rise 10.9 per cent to 2.29 billion bushels, adding that competition from South America will be limited this fall.
Just a month ago, Beijing proposed to slap tariffs of 25 per cent on all US shipments of the oilseed. Also, Beijing has recently checked imports of US fruit, logs and pork.
The USDA bases projections on current government policy and does not factor in potential tariffs or other trade actions yet to be implemented.
"It is interesting for (USDA) to post that high of a number in the face of the China trouble that hasn't been resolved," said Zaner Ag Hedge analyst Ted Seifried.
The forecast came the day China's agriculture ministry predicted the country will cut soybean imports for the first time in 15 years due to trade tensions with the United States.
Doubts about the USDA's projection helped pull Chicago Board of Trade soybean futures from a peak they hit after the agency released estimates for tighter supplies.
"US soybean exports projected to increase a large 225 million bushels might be flat out just wrong," said Futures International analyst Terry Reilly.
The USDA forecast in a monthly report that US soybean exports in the 2018/19 marketing year would rise 10.9 per cent to 2.29 billion bushels, adding that competition from South America will be limited this fall.
Just a month ago, Beijing proposed to slap tariffs of 25 per cent on all US shipments of the oilseed. Also, Beijing has recently checked imports of US fruit, logs and pork.
The USDA bases projections on current government policy and does not factor in potential tariffs or other trade actions yet to be implemented.
"It is interesting for (USDA) to post that high of a number in the face of the China trouble that hasn't been resolved," said Zaner Ag Hedge analyst Ted Seifried.
The forecast came the day China's agriculture ministry predicted the country will cut soybean imports for the first time in 15 years due to trade tensions with the United States.
Doubts about the USDA's projection helped pull Chicago Board of Trade soybean futures from a peak they hit after the agency released estimates for tighter supplies.
"US soybean exports projected to increase a large 225 million bushels might be flat out just wrong," said Futures International analyst Terry Reilly.