According to the USDA Oil Crops Outlook June Report,
- A higher carryover raised the 2023/24 U.S. soybean ending stocks forecast by 15 million bushels to 350 million bushels.
- The increase in expected carryover stocks is due to a reduced 2022/23 soybean export forecast from 2.015 billion bushels to 2.0 billion bushels on strong foreign competition.
- Despite an unchanged soybean crush volume this month, the higher extraction rates increased U.S. soybean meal supply.
- With higher supply and lower domestic demand, soybean meal exports for the 2022/23 marketing year (MY) are increased this month by 0.2 million short tons to 14.0 million short tons.