When U.S. farmers are asked which country is the chief export competitor for soybeans with the U.S. they almost always say Brazil.
That’s because we always hear about how many acres of soybeans are planted in Brazil and how big its soybean production is. But that’s not the case. Argentina’s combined exports of soybeans, soybean meal and soybean oil last year will total 41 million tons compared to 38.6 for Brazil.
It’s the middle of the winter and few people are talking about how weather might affect the markets next summer. Everyone knows that supplies of all grains and oilseeds worldwide are in very tight supply. Those analysts who are trying to figure out what next year’s crop production might be are already factoring in trend line or better yield forecasts.
I recently attended a meeting of the Western Canadian Wheat Growers. The meeting was held in Minneapolis at the end of January.
Apparently the fact the Canadian dollar is now stronger than our dollar made Minneapolis a good choice to have their annual meeting. This particular grower organization is very anti-Canadian Wheat Board. It believes farmers should have the right to market their own crops however and whenever they want. Today they must deliver all of their wheat and barley to the Canadian Wheat Board and take what they get at the end of the marketing year.
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