The US Department of Agriculture’s (USDA) September update to its World Agricultural Supply and Demand Estimates (Wasde) brought lower-than-expected cuts to US soybean ending stocks in the 2023/24 crop, along with cuts to beginning stocks, production, crush and exports.
By the time the report was published, CME soybean futures declined 6 cents/bushel (bu.) as projections were more conservative than expected by market players. The USDA pegged the US ending stocks for the 2023/24 crop at 220 million bushels (5.99 million mt), 25 million bu down from the previous 245 million bu (6.67 million mt). The figure landed well above Agricensus’ pre-release poll average estimate of 209 million bu (5.68 million mt)…
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