The USDA made no changes this month to its old- and new-crop US soybean supply-demand estimates, although global stocks were raised.
Released Thursday, the USDA latest monthly WASDE report left projected 2024-25 US soybean ending stocks at 350 million bu, with new-crop stocks holding at 295 million. Going into the report, most traders and analysts were anticipating a small increase in both numbers compared to May. Soybean futures were trading between 2 and 8 cents/bu lower this afternoon.
Meanwhile, the USDA also made no changes to its 2024-25 Brazil and Argentina soybean production estimates of 169 million and 49 million tonnes, respectively. Exports for the two countries were left unchanged at 104.5 million and 4.2 million. China’s soybean imports for 2024-25 were left steady from last month as well at 108 million tonnes, with the country’s projected 2025-26 imports static at 112 million.
World old-crop soybean ending stocks were raised just over 1 million tonnes from last month to 124.2 million tonnes, while new-crop stocks were just under 1 million tonnes higher from May at 125.3 million.
The 2025-26 US season-average soybean price is forecast at $10.25/bu, unchanged from last month and up from $9.95 for 2024-25. Soybean meal and oil prices were left steady from last month as well at $310/short ton and 46 cents/lb, respectively.
