By Mac Marshall
The U.S. Department of Agriculture’s (USDA) monthly World Agricultural Supply and Demand Estimates (WASDE) report helps to provide a common, timely, and unbiased understanding of current agricultural conditions with a globally comprehensive look at key agricultural markets.
The U.S. Soybean Export Council’s (USSEC) webcast aims to provide a deep dive each month into the most recent WASDE. This month, USSEC CEO Jim Sutter, USSEC CEO Jim Sutter; Nagaraj Meda, Managing Director, TransGraph Consulting; and USSEC Regional Director – South Asia Kevin Roepke joined me to provide perspective on the August 2020 WASDE. To watch U.S. Soy’s September 2020 WASDE Update, register here to access the recording.
There tends to be even greater interest in the WASDE report during certain times of year, particularly approaching harvest when all eyes are focused on the U.S. and crop development. During this month’s virtual event, I presented the following slides to offer insight into the U.S. soy complex for the current (19/20) and upcoming (20/21) marketing years. As illustrated in the slides, overall demand for U.S. Soy remains strong both domestically and internationally. Exports and their continued growth are critical for the U.S. soy complex; currently, nearly 60 percent of U.S. soy products are exported. Long-term demand growth continues at a strong pace and U.S. Soy is well-positioned to serve the global market.
“With this kind of upward revision, it clearly shows the demand potential that we have [in South Asia].”
-Nagaraj Meda, Managing Director, TransGraph Consulting
“Speaking broadly in South Asia, we’re seeing tremendous growth in Pakistan and Bangladesh, largely predicated upon the fact that we all know very, very well that rising income usually tends to lead to greater animal protein consumption and so that tends to bode very well for . . .the soy business.”
-Kevin Roepke, Regional Director – South Asia, USSEC