U.S. Soybean Ending Stocks

Soybean stocks also extremely tight. They haven’t fallen and that has disappointed some of the bulls but part of the reason may be because these stocks are already bare minimum pipeline level and USDA is unwilling to drop it any further. It’s also worth noting that even with trendline yields, USDA is projecting next year’s stocks at 140 mb. As we mentioned in corn, there is no room for error in growing this year’s soybean crop.