Swimming in Soybeans
Alan Brugler DTN Contributing Analyst
Fri May 10, 2013 05:54 PM CDT

Probably the most bearish and unexpected number in this morning's USDA Supply and Demand report was the projection that world soybean ending stocks in August 2014 would total a record 74.96 million metric tons. That is a 20% increase from this year's 62.46 mmt and represents a global stocks-to-use ratio of 27.7%. The current season stocks-to-use is projected to be 24.1%. Such a high stocks-to-use ratio has a negative impact on prices, with USDA showing a preliminary range for the U.S. cash average price in 2013/14 at $9.50-$11.50. The midpoint of $10.50 per bushel is a long way down from ...

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