New-crop soy exports smallest in 22 years

The calendar has flipped to June, and most Midwest farmers are focused on the supply side of the market’s price equation — top-dressing nitrogen, replanting wet areas of fields, checking stands, etc. But the market is always a two-part equation, and the demand side for the 2024-25 crop hasn't been particularly great up to this point, specifically for soybeans.

The new-crop marketing year doesn’t begin until Sept. 1, meaning there’s certainly time to catch up, but the spring months haven't been encouraging.

Problem number one has been China. The Asian country, which usually accounts for just over one-half of annual U.S. soybean exports, has at this point of the year booked zero shipments for the 2024-25 marketing year.

Politics has without a doubt played a role...