Outlook sunny for U.S. soybeans
Joseph W. Glauber. Ph.D., Chief Economist, U.S. Department of Agriculture (USDA)
USDA Chief Economist Joe Glauber, Ph.D., also served as Special Doha Agricultural Envoy for the United States. Glauber has served as deputy chief economist at USDA since 1992. He received his Ph.D. in agricultural economics from the University of Wisconsin and holds a bachelor’s degree in anthropology from the University of Chicago.
The agricultural commodity markets, in particular soy markets, have seen much volatility over the past three years. I wouldn’t expect prices to settle down anytime soon. Nonetheless, I see a number of positive trends in the soybean market.
Over the past decade, global soybean production has increased by nearly 3 billion bushels. Three countries, the United States, Argentina and Brazil, accounted for over 85 percent of the growth in global soybean production over the past decade. Supported almost entirely by increases in planted area, Argentina’s and Brazil’s soybean production has increased by 80 percent and 70 percent, respectively, since 2000. Soybean production in the United States rose by 24 percent over the same period, but only about one-third of the increase in U.S. soybean production can be attributed to increases in area. Advances in productivity accounted for the remaining two-thirds of the U.S. expansion.
Outlook sunny for U.S. soybeans
Joseph W. Glauber. Ph.D., Chief Economist, U.S. Department of Agriculture (USDA)
January 11, 2011
USDA Chief Economist Joe Glauber, Ph.D., also served as Special Doha Agricultural Envoy for the United States. Glauber has served as deputy chief economist at USDA since 1992. He received his Ph.D. in agricultural economics from the University of Wisconsin and holds a bachelor’s degree in anthropology from the University of Chicago.
The agricultural commodity markets, in particular soy markets, have seen much volatility over the past three years. I wouldn’t expect prices to settle down anytime soon. Nonetheless, I see a number of positive trends in the soybean market.
Over the past decade, global soybean production has increased by nearly 3 billion bushels. Three countries, the United States, Argentina and Brazil, accounted for over 85 percent of the growth in global soybean production over the past decade. Supported almost entirely by increases in planted area, Argentina’s and Brazil’s soybean production has increased by 80 percent and 70 percent, respectively, since 2000. Soybean production in the United States rose by 24 percent over the same period, but only about one-third of the increase in U.S. soybean production can be attributed to increases in area. Advances in productivity accounted for the remaining two-thirds of the U.S. expansion.