The December World Agriculture Supply and Demand Estimates (WASDE) released by the USDA showed a reduction to soybean and wheat ending stocks while corn was left unchanged. The US soybean crush is expected to run stronger than originally anticipated while wheat exports are expected to increase.
The US will be crushing more soybeans this crop season. The USDA increased the crushing forecast 15 million bushels to 2.195 billion. This increased soybean oil production 175 million pounds to 25.440 billion, and raised soybean meal production 300,000 short tons to 51.7 million.
The additional soybeans allocated to the crush reduced soybean ending stocks 15 million bushels to 175 million. The increase in soybean oil production was mostly offset by 150 million pounds expected to enter the export market and the remaining 25 million pounds…
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