Top farm machinery maker Deere & Co. says corn and soybean production in the US could be fully autonomous by 2030. In the future, autonomy could be used for pulling carts that hold grain from the harvest while Deere also aims to grow recurring revenue by 10% by 2030.
Read moreAs bidding gets more aggressive on soybean oil, crushers accelerate production. Before last week’s crop production report, soybean prices hit a 10-year high.
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Soybeans, trading near the highest levels since 2014, currently fetch almost four times the price of oats. That motivated a GM of a warehouse in Iowa to add oats to grains sold as wholly containing soybeans.
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Behind the increase lies a sharp rise in soybean prices over the past eight months—67 percent since June 1. Prices have been lifted by surging demand for U.S. soybeans in China.
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Despite a wind storm tearing through the Midwest and drought conditions in isolated areas, a bumper crop of both corn and soybeans is expected this year.
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China’s hog herd is recovering well from African swine fever. The country is expected to accelerate soybean purchases from the U.S. between May and August.
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American soybeans that were once stranded on ships along China’s coast are now coming ashore. The beans were stranded because although a 30 percent retaliatory tariff had been waived, buyers still had to pay a deposit.
Read moreChinese buyers have “completed deals to buy soybeans and pork of considerable scale.” Negotiators are due to resume talks this month in Washington.
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China newswire Xinhua revealed something interesting. It said Beijing “will allow Chinese businesses to purchase a certain amount of soybeans and pork from the United States.” The word “allow” is key.
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