The USDA has lowered its U.S. soybean ending stocks projection.
Just a quarter into the marketing year, the soybean carryout is now seen at 175 million bushels, down 15 million on the month because of higher crush demand and, if realized, the tightest supply in seven marketing years. The USDA didn’t make any changes to the soybean export estimate despite the fast pace of sales and the month to month reduction was smaller than what some were expecting heading into the report.
