U.S. Soybean Stockpiles Drop as Farmers See Record-High Acreage

Soybean inventories in the U.S. fell 0.6 percent from a year earlier to the lowest for March 1 since 2004 after demand from China climbed to a record, a government report showed. Acreage this year may reach an all-time high.

Stockpiles in the world’s largest producer dropped to 992.3 million bushels as of the start of this month, from 998 million (27.16 million metric tons) a year earlier, the U.S. Department of Agriculture said today in a quarterly report. The average estimate of 30 analysts was 987 million, a Bloomberg survey showed. Usage from December through February was 1.16 billion, compared with 967 million a year earlier.

Supplies stored on farms were 381.9 million bushels, compared with 456.7 million a year earlier, the government said. Soybeans held in commercial grain bins were 610.4 million bushels versus 541.3 million.

Farmers intend to boost soybean plantings to a record 81.493 million acres from 76.533 million a year earlier, the USDA said. Traders surveyed by Bloomberg estimated 81.162 million, on average.

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