March US Soybean Stocks
We estimate March 1 US soybean stocks at 1.95 billion bushels compared to 1.85 billion bushels a year earlier. The US soybean crush level ran at a record pace this winter helped by strong soybean meal export demand. Soybean exports exceeded the previous year but will drop off sharply this spring and summer owing to heavy competition from a huge South America soybean crop.
| US Soybean Balance (December February) (Million Bushels) | |||
| 2023 | 2024 | 2025 | |
| Dec 1 | 3,021 | 3,001 | 3,100 |
| Imports | 3 | 2.5 | 6 |
| Crush | 555 | 593 | 630 |
| Exports | 805 | 587 | 600 |
| Residual | -23 | -21.4 | -70 |
| Mar 1 | 1,687 | 1,845 | 1,946 |
| 2025 Our estimate | |||
Our March 1 soybean stocks estimate is not as burdensome as in some recent years but plenty considering the expected weak US export demand during the second half of the US crop year (March through August).
The March Grain Stocks report is scheduled for release March 31, 2025.
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