There are far fewer soybeans stored around the U.S. right now than the trade expected, if USDA's data Tuesday is any indication.
In
the agency's quarterly Grain Stocks report, USDA pegged old-crop
soybean stocks as of September 1 at 92.0 million bushels, down 35% from a
year ago. This falls well short of the average trade analyst estimate
of 126 million heading into Tuesday's report. The range for soybean
stock estimates was 100 to 150 million bushels, making USDA's 92
million-bushel number sharply bullish... (Read more)
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