USDA To Cut Soybean Exports And Increase Stocks?
Oct 10 sees the USDA release its revised WASDE report. There are expectations around that they will be making cuts to its estimates for soybean exports for this crop year of some 50-120m bushels.
The Quarterly Stocks report Monday that increased Sep. 1 stocks from 140 m bu to 205. Add that extra 65m to an export reduction of 50-120m and we get 2008/09 ending stocks maybe being raised from the current tight 140m to a much more healthy 250-320m.
All that of course assumes that they leave 2008/09 production unchanged. Reports of early cut soybeans appear to be indicating disappointing yields.
The Quarterly Stocks report Monday that increased Sep. 1 stocks from 140 m bu to 205. Add that extra 65m to an export reduction of 50-120m and we get 2008/09 ending stocks maybe being raised from the current tight 140m to a much more healthy 250-320m.
All that of course assumes that they leave 2008/09 production unchanged. Reports of early cut soybeans appear to be indicating disappointing yields.
