The USDA’s March Oil Crops Outlook lowered U.S. seasonal ending soybean stocks for the 2022-2023 marketing year by 15 million bushels to a total of 210 million because of higher exports. Soybean exports are raised by 25 million bushels to 2.02 billion bushels, while crush volumes are reduced by 10 million bushels to 2.2 billion bushels.
The 2022-2023 global soybean supply is reduced this month due to lower production in Argentina and Uruguay. Argentina’s soybean production is lowered by eight million metric tons to 33 million metric tons on a lower harvested area and yields hit hard by drought. World soybean consumption is down 5.3 million metric tons this month. Global ending stocks were lowered to 100 million metric tons.
Through March 2, cumulative marketing year U.S. soybean export inspections surpassed 2021-2022 totals as inspections to China surged and increased for Mexico. February’s export inspections set a record thanks to Brazil’s slow harvest.