The USDA lowered its US soybean ending stocks projection in the latest supply and demand report. Mac Marshall with the United Soybean Board and the US Soybean Export Council says the potential seven year low for ending stocks has been supportive of prices.
“USDA took up their expected marketing year average price for whole beans from $10.40 a bushel to $10.55 a bushel,” he says. “For co-products, both the prices for meal and oil were revised up as well.”
He tells Brownfield the report was bullish for soybeans.
