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Soybean Prices Drop After Release of Demand Estimate

The Iowa Soybean Association (ISA) has reported that soybean prices are now the lowest they have seen since December of 2008. The numbers released late last week in the U.S. Department of Agriculture (USDA) World Agricultural Supply and Demand Estimates (WASDE) showed ending soybean stocks at 995 million bushels, up 100 million from the April forecast. July 2019 soybean prices dropped 14 cents to $7.97 immediately following the report’s release. Average soybean prices are expected 45 cents per bushel lower at $8.10. “It’s a multilayer problem,” says ISA President, Lindsay Greiner. “Large supplies weigh on the market and bring prices down, but then we also have an ongoing trade dispute with China and a decrease in soybean demand due to African swine fever. These low prices are a product of those negative factors.” Following the report, U.S. Agriculture Secretary, Sonny Perdue, announced the White House will be looking at a potential second aid package, though no details are yet available.

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