Soybean Stocks Soaring, Up 47% From Last Year

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The Agriculture Department estimates soybean farmers will plant 80 million acres this year – a 10 percent dip from last year and the lowest number since 2013, your host writes. The projection comes from USDA’s acreage and grain stocks reports released Friday, based on surveys last month of more than 68,000 producers.

Meanwhile, current stockpiles of the crop are 47 percent higher than they were in June 2018, as China’s retaliatory tariffs have slammed exports. And farmers themselves are storing nearly double the amount of soybeans as they were last year, while off-farm stocks were up 26 percent.

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