Chicago — Old crop soybeans as of September 1, 2018, totaled 438.1 million bushels, a 45.26% increase from the same time in 2017, according to quarterly grain stocks reported by the US Department of Agriculture Friday.
Total soybean stocks were above the expected range of 378 million-430 million bu, and 10% higher than the average trade estimate of 398 million bu. Total soybean stocks were reported at 11.9 million mt, according to the report.
On-farm storage was listed at 2.75 million mt, a 14.9% increase from last year. And off-farm storage was listed as 9.17 million mt, a 57.75% increase from the same time in 2017.
Soybean production in 2017 was revised up 19.1 million bushels from the previous estimate. Yield estimates were increased 0.2 bu/acre to 49.3 bu/acre, and no changes were made to planted or harvested area, according to the report.
The higher-than-expected production reported in the data triggered selling in the CBOT soybean futures.
