News
The U.S. may import soybeans to address domestic supplies
USDA Chief Economist Seth Meyer says the U.S. may import soybeans to address tight domestic supplies this year.
“We may end up importing some— a small amount of this – but there are probably at some time very specific reasons for folks to want to do that in terms of establishing relationships with other folks should they need to import,” he says.
He says it’s not uncommon for the U.S. to import small amounts…”we often import small amounts of these products but at 90 million acres, under normal weather, it’s not something we’re going to have to do a lot of,” he says. “I don’t think it’s the driving factor of what the balance sheet looks like anyway.”
USDA is projecting imports of soybeans at 35 million bushels, up about 20 million from recent marketing years.
Meyer made these comments to reporters during the USDA Ag Outlook Forum.
