USDA increased soybean yield once again to a record 53.1 bushels per acre (bpa). This increase, together with larger beginning stocks, left 2018/19 ending stocks projected at 885 million bushels, the largest ending stocks on record.

The soybean fundamental picture remains bearish as long as China is not buying U.S. soybeans. Exports are projected to decrease by 3 percent, a modest reduction considering China’s imports were above 30 million metric tons (MMT) last year. Other destinations seem to be making up for the lost demand, though it is doubtful that they could completely replace China as a destination.

Soybean ending stocks

Source: USDA
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