The Iowa Soybean Association is reporting that this year’s harvest is expected to be a record breaking one at nearly 550 million bushels. This total will eclipse the previous record set in 2005 by almost 25 million bushels with statewide yields estimated at 56 bushels per acre, up three bushels from last month. ISA CEO, Kirk Leeds, says there is a large crop and stocks are up, but strong domestic demand from U.S. livestock producers, increased demand for biodiesel and higher exports are going to help us work our way out of this situation. Last year, 59 percent of soybean production went overseas, and the Iowa Soybean Association is committed to continuing to build and strengthen relationships in other countries. Analysts are recommending farmers be patient. Al Kluis, who owns Kluis Commodities in Minnesota, anticipates domestic soybean usage and exports will climb, resulting in lower than forecast ending stocks, and likely higher prices in the future.
