World Can't Get Enough Soy, Top Growers Ship at Record Pace
- Big buyers like China need more to feed pigs, make cooking oil
- Prices rally from 1-year low despite record harvest, inventory
A farmer holds a handful of threshed soybeans as they are collected in a bowl during a crop harvest at a farm in the district of Burhanpur, Madhya Pradesh, India.
Photographer: Sanjit Das/BloombergThis article is for subscribers only.
The world can’t seem to get its fill of soybeans.
Exports from the U.S. and Brazil, the world’s largest growers, are the highest ever for this time of year, and demand is poised to eclipse earlier government forecasts for a record this season. While big harvests have left inventories at all-time highs, prices have started rebounding from last month’s one-year low. That’s because cheap supplies are fueling voracious consumption to make soy-based animal feed and cooking oil, especially across Asia.