US soybean market sees challenge on multiple fronts
The challenges facing US soybean producers include lower international demand for the feed ingredient stemming from the outbreak of African Swine Fever in Asia and continuing trade tensions with China, reported the US Department of Agriculture.
The feed crop also saw difficulties during a price drop for soybeans from countries in South America, which reduced any price advantage for the US crop in markets outside of China.
The global soybean market for US-based beans is expected to drop $1.5bn, the department reported in June.