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Questions remain about soybean carryout
Agriculture economist Todd Hubbs says he’s concerned about growing
carryover for soybeans. He tells Brownfield there could be changes to the USDA’s
projection of 75 million bushels fewer soybean bushels exported this year.
“That’s pretty close to right,” Hubbs told Brownfield Ag News Wednesday. “It
could go down even more, depending on what China does with about 240 million bushels
of their outstanding sales for this marketing year. So we could see the ending
stocks of soybeans go up even more than over a billion [bushels] we’re
currently sitting on.”
There could be, even at this late date, more switch from corn acres to soybean acres,
according to Hubbs.
“I just don’t know if that magnitude is going to be what many people started expecting
about a month ago,” he said.
Hubbs is at the University of Illinois.
Quarterly Grain Stocks are out on Junie 28th.
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