Will soybean ending stocks be raised in tomorrow’s WASDE?
Looking at the pre-WASDE trade estimates, the industry is expecting lower U.S. exports and higher domestic ending stocks for soybeans.
The average industry estimate for 2019/20 soybean exports is 1.804 billion bushels, down 21 million bushels from USDA’s current forecast. In turn, soybean ending stocks are expected to be roughly 446 million bushels, 21 million bushels higher than the March forecast.
Lower exports and higher ending stocks would be bearish for soybeans. Although the market may already be somewhat adjusted to these fundamentals, RSI on the May-20 contract, at 41.4 percent as of Apr. 7, has trended lower for seven consecutive days.
U.S. soybean ending stocks & STU by season
Posted by: Information Services Our Information Services team assists our clients with understanding commodity and ingredient market dynamics. Using our extensive database of intelligence, we also produce regular commodity and commercial market publications covering supply and demand fundamentals, news alerts on events that shape the markets, and resource guides to give you a complete picture of the industries we monitor.