The U.S. Department of Agriculture (USDA) issued its estimate of March 1 U.S. soybean supplies on Friday, March 29. U.S. soybean stocks in all positions totaled a new record of 73.905 million tonnes, or about 2.716 billion bushels. This was well above last year’s previous record of 57.405 million tonnes, or about 2.109 billion bushels, and was within the range of published trade estimates. Of the record supplies, 34.563 million tonnes were accounted for in on-farm positions, while the remaining 39.341 million tonnes were in off-farm positions. Both estimates represent new record levels. The chart that follow shows that U.S. soybeans as of March 1 have been steadily rising on an annual basis beginning with the 2014/15 marketing year.
Expanded U.S. soybean plantings along with generally favorable growing weather have resulted in U.S. soybean crops in excess of 100 million tonnes in each marketing year since 2014/15. This has provided foreign buyers with consistent supplies on the world soybean market. Despite smaller U.S. soybean plantings expected this year reported by USDA on March 29, larger carry-in stocks from the current marketing year are expected to cushion U.S. soybean supplies in the coming marketing year.