Soybean Futures Lower after USDA Supply and Demand Report

The USDA World Agricultural Supply and Demand Estimates Report (WASD) was released yesterday. The USDA report showed soybean ending stocks at 435 million bushels versus 420 million a month ago. The agency estimate for global soybean ending stocks is 82.82 million tonnes versus 80.38 million tonnes a month ago. The USDA sees Brazil's soybean production at 108.0 million tonnes. Argentina's soybean production was 55.5 million tonnes. China's soybean imports were revised up by 1 million tonnes to 87 million tonnes. Soybean futures traded choppy and mostly soft after the report on Thursday and are trading a little lower Friday morning. May Soybeans are trading 1005 1/4, down 5 3/4 cents/bushel. November Soybeans are trading at 998 1/2, down 6 cents/bushel. May Soymeal is trading at 326.6, down 1.9 $/ton. May Soybean Oil is trading at 32.93, down 0.18 cents/lb.