U.S. Soybean Stocks Tightest Since 2013 — WASDE Report

In its monthly World Agricultural Supply and Demand Estimates (WASDE) report on Thursday, USDA-NASS didn’t adjust corn stocks but projected soybean ending stocks down 15 million bushels to 175 million bushels, the lowest level in seven years. The soybean data — which spurred a slightly bullish reaction by the market — comprised some variables traders questioned, namely no change in South American production, though that region’s faced La Nina-driven drought conditions in recent weeks. Exports remained the same while domestic crush numbers were increased, making up much of the 15-million-bushel tightening in stocks. The unchanged stocks numbers for corn mean the focus will continue to be on South American crop prospects coming up to get a feel for world supply and resulting market direction. See more analysis from traders and reaction from around the ag world.