U.S. Soybean Crushers Buy Up Extra Beans

U.S. soy processors, fresh off their busiest year on record, have booked soybean purchases well beyond their normal few weeks of supply due to soaring export demand, rising prices and fears of soy shortages later this season, traders and analysts said.

Reuters reports the aggressive buying foreshadows an expected battle for beans between exporters and processors this spring and summer that will likely increase prices further and could result in rare imports to the United States, the world’s No. 2 soybean producer and exporter.

U.S. crush plants are believed to have booked soybean needs for 60 days or more, up from the usual 30 to 40 days, industry sources said.