Soybean ending stocks were one surprise in Thursday’s USDA report. Stewart-Peterson Senior Market Advisor Naomi Blohm says ending stocks were lowered for the old crop. Blohm’s focus now is with what what happens with the new crop. “We also have 640 million bushels for the new crop carryout. I think that number will continue to get smaller, not because of demand, but lower production. The USDA gave us a yield of 47.9 bushel per acre and I’d be surprised if the yield is that high across the country.” Blohm was part of a RRFN market outlook panel during the Big Iron Farm Show.
