As farmers continue to harvest crops, the U.S. Department of Agriculture is predicting an all-time high in soybean production at 4.27 billion bushels, up two percent from last month and nine percent from last year’s record harvest. Fortunately for Iowa soybean farmers, the demand for their product is on the rise as well. With exports projected to exceed two billion bushels, Iowa Soybean Association Development Director, Grant Kimberley, says there are plenty of reasons for farmers to be optimistic about demand bolstering prices. He says a record number of soybean buyers have visited Iowa this fall and several of the largest soybean processors in China will ink purchase agreements today (Friday) during the World Food Prize in Des Moines. “The Chinese have plans to move 70 million citizens into the middle class in five to 10 years,” Kimberley said. “They are going to eat more eggs, milk and meat that will require more soybeans to produce.”
