The U.S. Department of Agriculture (USDA) says soybean ending stocks this year could be the highest since 2006/2007. The latest World Agricultural Supply and Demand Estimates (WASDE) report raised its forecast of soybean ending stocks by 40 million bushels from last month's report.
Dan Basse of AgResource Company says this reported increase won't have much of an affect on the current situation of global supply, which is already seeing record levels of grains and oilseeds.
"Anything over 400 million bushels is still too much," he says. "The impact in the market, as you'd see, we had one day down, but prices now a week later are pretty much unchanged."
The WASDE also put wheat ending stocks down 1.2 million tonnes from last month's forecast, but again, Basse says this won't be enough to change or alleviate global grain supplies.
The one surprise from the report, however, came from an adjustment to Chinese corn stocks.
Source : PortageOnline