Changing Expectations: U.S. Soybean Exports & China’s Ending Stocks

The USDA’s July WASDE report provided an early look at how U.S. soybean exports might adjustment in light of China’s recently imposed tariffs. As many have noted, the current report adjusted soybean exports for the 2018/2019 marketing year – the soybean crop currently growing – 11% lower than the June report. While this was a sharp change in expectations, it’s important to consider how current estimates fit into broader U.S. soybean export and Chinese consumption trends. (more…)