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Recent WASDE report raises soybean stocks concern
A vice president of a commodity trading company says soybean stocks are nearing historic lows.
Chip Whalen with Commodity and Integrated Hedging said U.S. soybean ending stocks are around 285 million bushels.
“That would be the tightest since the 2015-2016 marketing year,” he said. “And really, getting, historically, quite low.”
He said initially, the stocks were being driven down by bad weather, especially in Iowa, but the focus has shifted to record soybean exports heading to China.
Whalen said the recent October WASDE report raises concerns for buyers…
“There’s obviously risk,” he said. “We’ve seen a big movement in price, the story isn’t exactly complete. So, we’re talking about what might change in November and even to the final report in January. There could be more revisions coming.”
He said the soybean market went from being short by more than 330 thousand contracts this spring to currently long over 130 thousand contracts.
Whalen spoke on a U.S. Soybean Export Council media call Monday.
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