USDA is currently projecting record soybean ending stocks of 885 million bushels. However, this number could be underestimated without China’s demand. The current projection depends on 2018/19 exports decreasing just 69 million bushels or 1.88 million metric tons (MMT) from the previous season. However, China bought 33 MMT of U.S soybeans last year. Slow demand paired with a huge crop 6.3 percent above last year means that if the trade dispute continues, soybean fundamentals will be very bearish for some time to come.
U.S. soybean ending stocks
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