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yesterday

USDA Weighs Fall Aid as China Skips U.S. Soybeans Ahead of Harvest

China’s October purchases from South America are leaving U.S. growers without their largest buyer.

A field of spring wheat growing near Niagara, North Dakota, U.S., July 20, 2019. Picture taken on July 20, 2019. REUTERS/Dan Koeck/ File Photo
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Overview

  • Agriculture Secretary Brooke Rollins said the department is working with Congress to determine how much assistance may be needed this fall and is reviewing fertilizer markets for potential relief.
  • Chinese buyers have not pre-purchased new-crop U.S. soybeans and have booked roughly 7.4 million metric tons from Brazil, Argentina and Uruguay for October, covering about 95% of projected needs.
  • USDA’s latest estimate puts soybean yields at 53.5 bushels per acre, adding supply pressure as export commitments lag and prices stay under strain.
  • Farmers report mounting cash-flow stress from low prices, higher input costs and localized weather and disease issues, with some North Dakota and Iowa operations warning of potential losses.
  • Regional crush plants in places like Jamestown and Casselton, North Dakota, are providing some local demand, while a 90-day pause on tariff increases expires Nov. 10 and a Supreme Court review of tariff legality is expected in November.