Soybean carryout ticked upward ahead of planted acreage report
Soybean carryout ticked upward on this month’s WASDE report.
Reduced crush numbers partly contributed, as well as slight increases in Brazil’s production numbers. The uptick is typically a non-event before the planted acreage report which is due out next week, but United Soybean Board’s Mac Marshall says that farmers are getting the price in an attractive market which is exciting this early in the season.
“It’s still an overall very tight environment, stocks to use ratio is about 3.5 percent, suspected carryout at the end of the year, 4.2 million metric tons. Not a lot of wiggle room here, it’s going to be a really important weather market over the balance of the growing season,” Marshall explains. “So, lots to look forward to in July, August, and September.”