The USDA has cut domestic ending stocks projections for soybeans, while raising the outlooks for corn and wheat.
Old crop U.S. ending stocks for soybeans were down 30 million from May at 205 million bushels on an increased export guess, which also pulled new crop ending stocks 30 million bushels lower to 280 million.
The average 2021/22 farm price for soybeans is estimated at $13.35 per bushel, up $.10, with 2022/23 at $14.70, $.30 higher.
