USDA increased projected 2018/19 soybean ending stocks to 955 million bushels, up 70 million bushels from last month’s forecast. The industry was expecting a more modest increase in stocks, to around 900 million bushels, but USDA lowered soybean exports to 1.9 billion bushels, down 160 million bushels from the October number and down 229 million bushels from 2017/18. USDA also raised crush by another 10 million bushels, putting it now at 2.08 billion.
On the supply side, USDA reduced average soybean yield to 52.1 bushels per acre, which dropped 2018/19 production by 90 million bushels, to 4.6 billion.
Soybean Production and Use by Season