May 14, 2007

USDA lowers 2006/07 soybean end stocks forecast

The US Department of Agriculture Friday (May 11) lowered its forecast for soybean ending stocks in the 2006/07 marketing year to 610 million bushels, a 5-million-bushel drop from a prediction last month that was generally expected by analysts because of strong crushings and exports.

Though smaller than last month's forecast, US soybean ending stocks of 610 million bushels for 2006/07 would still be a record level.

The USDA, in its monthly World Agriculture Supply and Demand Estimates report, left its 2006/07 forecast for soybean exports unchanged from last month at 1.08 billion bushels and raised the crush prediction slightly. The crush estimate is now 1.77 billion bushels, up from 1.765 billion in USDA's April supply and demand report.