August 29, 2014

US soybean production may reach a record 98.93 million tonnes during 2014-2015, according to the US Soybean Board.

Although the year began with low stocks of 3.53 million tonnes, end stocks are expected to hit 8.98 million tonnes. 

According to Jim Call, the chairman of US Soybean Board, planted hectares in 2014 stood at 32.98 million against 31.21 million. He explained that beans from the north of US has a lower crude protein content compared to beans from the mid and south.

"We are looking at increasing crude protein content through seed technology. Sometimes the crude protein levels are high but oil levels come down", said Call. "If we can fix this, we get a better market."

He added that buyers prefer soybean shipped out from the Pacific Northwest due to the shorter time of delivery compared to the Gulf in the south.

However, the Gulf option is more favoured due to the higher crude protein content of beans from the south.