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USDA Boosts Soybean Ending Stocks
WASHINGTON - Feb 9/06 - SNS -- Global oilseed production for 2005-06 is projected at a record 389.3 million metric tons (MT), up 300,000 MT from last month, according to the USDA's World Agricultural Outlook Board latest usage forecasts.
Small reductions for soybeans and sunflowerseeds are more than offset by increased cottonseed production in China. Global oilseed trade and crush are reduced this month, and global oilseed stocks are projected higher, mainly due to increased U.S. soybean stocks. Global oilseed stocks are projected at a record 63 million MT, 20% above year-earlier levels.
Projected U.S. soybean ending stocks for 2005-06 are increased 50 million bushels this month to a record 555 million bushels. This is well above the average pre-report trade guess of 534 million bushels and would be viewed as a bearish number.
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