U.S. Soybean Stockpiles Trail Estimates as Processing Increases

January 10, 2014 06:13 AM
U.S. Soybean Stockpiles Trail Estimates as Processing Increases

U.S. soybean inventories on Dec. 1 trailed analysts’ forecasts after processing the oilseed into animal feed and cooking oil increased.

Stockpiles after the first three months of the marketing year were 2.148 billion bushels, compared with the 2.158 billion (58.73 million metric tons) average estimate of 24 analysts surveyed by Bloomberg News. A year earlier, inventories were 1.966 billion, the U.S. Department of Agriculture said today in a report.

The 2013 crop was 3.289 billion bushels, compared with the government’s estimate in December for 3.258 billion, the agency said. Analysts projected 3.278 billion, up from 3.034 billion a year earlier.

U.S. inventories on Aug. 31, before the next harvest, will be 150 million bushels, unchanged from a forecast in December. Analysts forecast 153 million. Stockpiles were 141 million a year earlier.

Cash prices in the 12 months that began Sept. 1 will average $11.75-$13.25 a bushel, the USDA said. That compared with $11.50-$13.50 estimated a month ago and a record $14.40 last year.

World production will be 286.83 million metric tons, compared with 284.94 million forecast in December, the USDA said.

Global inventories on Sept. 30 will be 72.33 million tons, compared with 70.62 million forecast in December. Analysts estimated supplies would increase to 71.46 million from 60.55 million a year earlier.

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