The National Agricultural Statistics Service (NASS) projects that the 2023/24 soybean supply will be down 154 million bushels from last year, with Illinois being one of the states with lower yield outlooks. A lower new-crop forecast could impact the demand for US soybeans as the United States already sees slower export sales with more international competition.
Back in 1998, local farmer and former American Soybean Association Chairman Ron Moore traveled to Brazil, which overtook the United States as the largest producer and exporter shortly after.
“What I learned is that they are not our competitors, as much as our colleagues. If you take out the Brazilian soybean crop, how much is the feed going to be for our hog producers and our poultry producers? It will be cost-prohibitive to do that. There’s an oversupply right now but we need all grain we can produce in the world because there are places that need it.”
The adoption of technology and improved technology have helped Brazil and other South American countries close the gap of production with the United States.
