U.S. soybean ending stocks – both old and new-crop - were left unchanged in USDA’s June supply-demand update on Thursday.
For 2026-27, USDA made no changes to the U.S. soybean balance sheet this month. Estimated production remained at 4.435 billion bu, up 173 million from 2025-26, while the crush was held at 2.75 billion bu and exports at 1.63 billion.
With no changes, forecasted 2026-27 U.S. soybean ending stocks were left steady from May at 310 million, modestly below the average trade guess of 314 million bu.
The USDA also kept the 2026-27 season-average farm price unchanged at $11.40/bu, up from the 2025-26 estimate of $10.40.
For old-crop 2025-26 soybeans, the USDA raised crush by 20 million bu, citing stronger soybean meal exports and domestic meal use, while soybean oil use for biofuel was also increased. However, exports were lowered by 20 million bushels based on available U.S. Census data, offsetting the increase in crush and leaving ending stocks unchanged at 340 million.
On the global side, USDA left 2025-26 Brazilian soybean production unchanged at 180 million tonnes, while Argentina was raised 2 million tonnes to 50 million. The larger Argentine crop added to the sense of ample South American supplies, even as the U.S. outlook was little changed.
World soybean ending stocks for 2025-26 are estimated at 125.52 million tonnes this month, up only slightly from last month. New-crop soybean ending stocks were also raised only slightly, to 124.88 million.
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