USDA expects US soybean stocks to be at a 7-year low at the end of the season

Chicago Board of Trade's soybean futures rose another 1% this morning, hitting their highest level in more than four years after the U.S. Department of Agriculture announced that end-of-season inventories would hit their lowest levels in seven years will.
Forecasts, published in a monthly harvest report, reflected a decline in harvest expectations in the US and strong exports to China and other countries.
"The USDA's new estimates of supply and demand drove the increase," said Tobin Gorey, director of agricultural strategy at the Commonwealth Bank of Australia.
The USDA projected that US soybean stocks would drop to 190 million bushels by the end of marketing year 2020/21. These would be the smallest closing stocks since 2013/14, if that actually happens.
The USDA slashed its 2020-21 Argentine soybean crop forecast from 53.5 million last month to 51 million tons, but left its estimate for the Brazilian crop unchanged at 133 million tons.
China stepped up its purchases of US agricultural products like soybeans and corn this summer and fall. The USDA has nearly doubled its forecast for corn imports from China in the 2020/21 season due to rising domestic prices and increasing demand for feed grain.

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