(Washington D.C) Glen Smith, of Atlantic, and Chairman and CEO of the Farm Credit Administration in Washington D.C., appeared in front of the House Agriculture Appropriations Subcommittee on Wednesday.
Jeff Fortenberry, Representative for Nebraska’s 1st District, asked Mr. Smith if the U.S. agricultural sector is too dependent on China.
Smith referred to the late 1970s when the U.S. relied on large exports to the Soviet Union, mainly wheat, which was stopped abruptly because of global tensions. Smith says a fallout with China would have a significant effect on the grain markets.
Smith says a disruption would have a larger effect on the soybean market.
Last week’s corn exports exceeded even the most optimistic projections at a huge 176.4 million bushels. Shipments last week were an impressive 80 million bushels, and shipments to date are currently 48.3 percent above average.
U.S. soybean sales last week were at a four-week low, just 18 million bushels, but with export sales now at 99.1-percent of the USDA projection and shipped soybeans at nearly 89-percent.
