Soybean inventories before the start of the 2015 harvest in the U.S., the world’s biggest producer, will be bigger than analysts forecast as farmers harvest a record crop, a government report showed.
Reserves on Aug. 31, 2015, will be 325 million bushels, compared with an estimated 125 million this year, the U.S. Department of Agriculture said today in a report. The average estimate of 26 analysts surveyed by Bloomberg was 319 million bushels (8.68 million metric tons). In May, the USDA forecast reserves may total 330 million bushels.
This year’s crop is projected at 3.635 billion bushels, unchanged from the May forecast and more than the 3.631 billion expected by analysts surveyed. Farmers collected 3.289 billion in 2013.
World reserves before the 2015 harvest may climb to 82.9 million tons, up from 67.2 million this year, the USDA said. Analysts surveyed by Bloomberg expected 81.98 million.