U.S. Soybean Inventory Estimate Cut on Rising Global Demand
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U.S. soybean supplies before the next harvest will be 7.4 percent smaller than forecast a month ago and the smallest since 2004 on rising demand for last year’s drought-reduced crop, the government said.
Stockpiles on Aug. 31 will fall to 125 million bushels (3.4 million metric tons), down from 135 million estimated in January and 169 million a year earlier, the U.S. Department of Agriculture said today in a report. The average estimate of 31 analysts surveyed by Bloomberg News was 130 million. Soybean prices have dropped 17 percent since a record in September as South American farmers planted more for a harvest just getting under way.