The harvest lows in US soybeans have been established at US-$ 9.04 per bushel, at least in our opinion. Some price setback is possible in the near to medium term if the urgently required rainfaii arrives in the dry regions of Brazil and Argentina. Strong world soybean demand will boost US soybean exports and crushings beyond expectations, preventing burdensome US stocks at the end of this season. US and world soybean stocks will still increase noticeably, but not as much as some observers have feared. Chinese soybean demand is rising very fast, partly for immediate demand and partly for stockpiling. Our revised Chinese soybean import estimate is 74.0 Mn T for Oct/Sept 2014/15.
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