Soybeans and Oil Crops, May 2019 (summary)
Rebound for 2019/20 U.S. Soybean Exports May Not Erase Burdensome Stocks
USDA forecasts a 2019/20 soybean crop of 4.15 billion bushels—394 million bushels below the 2018/19 record. However, total supplies in 2019/20 would still eclipse the 2018/19 high by 166 million bushels due to an unprecedented level of beginning stocks. A rebound is expected for U.S. soybean exports in 2019/20 to 1.95 billion bushels after falling sharply this season. Coupled with a higher crush, USDA forecasts a modest reduction in season-ending soybean stocks for 2019/20 to 970 million bushels from a revised 2018/19 forecast of 995 million. USDA forecasts the U.S. 2019/20 average farm price at $8.10 per bushel, compared to $8.55 for 2018/19.
See the May Soybeans & Oil Crops Outlook report and previous reports.