The USDA tightened its outlook for the domestic new crop carryover for
soybeans, while raising projections for corn and wheat.
Soybean ending stocks for the next marketing year are expected to be
755 million bushels, down 40 million from July, with higher beginning stocks
and lower exports canceled out by a smaller crop production guess. The average
2019/20 farm price is estimated at $8.40 per bushel, compared to $8.40 a month
ago and $8.50 for 2018/19.