The global export pie is growing and the U.S. will get a small piece
We are seeing increased trade competition from Brazil and USDA Chief Economist Seth Meyer says the U.S. will get a smaller percentage of the global export pie.
Meyer highlights the fact that Brazil’s soybean crop is growing, and the Chinese seem to be pivoting and purchasing more from them. He says we have yet to see that with corn, but there is a lot of uncertainty when it comes to China, which wants to diversify its sources.
Despite South America rising on the global market, Meyer tells Brownfield Ag News it should not have a significant impact on U.S. production as our producers still need to meet domestic needs.