US: 2.7% rise in soybean usage
Exports of soybean meal, an animal feed, are up 2.7% in the current marketing year, and the US Department of Agriculture (USDA) forecasts a record number of shipments.
Compared to October of last year, the US demand for
soybeans increased by 2.7%. The October total was up 13% from September.
Prices are up 20% since 1 September, and reached a 15-month high last week.
The US is the world’s largest soybean (the second-largest US crop after
corn) grower and exporter.
US
exporters have increased sales of soybean meal to
2.305 million short tons for delivery in the marketing year that ended 30
September, compared with 1.809 million a year earlier, according to the USDA.
Sales are forecast to rise 6.9% to a record 8.5 million tons for the year.
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