Weekly Recap – Increased Ethanol Output Leads to Higher Weekly DDGS Supply

Soybean futures rallied more than four percent last week, erasing the two percent decline from the week prior.  Strong export activity continues to underpin the soybean market.  China, Mexico, and Egypt were all strong buyers of soybeans but some in the market are concerned China’s buying pace could slow. These concerns were not enough to limit price appreciation as exports of 1.5 million metric tons were at the high end of expectations.   This season’s export pace is 130 percent above last season’s.  Soybean futures are at their highest levels since 2016 with the harvest looking to conclude this week or next.  More than 87 percent of the crop has been harvested, which is above the historical average…