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Soybean ending stocks for year fall in uneventful February WASDE report: USDA

Chicago — The World Agricultural Supply and Demand Estimates February report showed the estimate for US soybean ending stocks for the 2018-19 crop year declined 45 million bushels since December to 910 million bushels, Department of Agriculture data showed Friday.

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Totals for the soybean global 2018-19 year ending stocks, representing total remaining inventory at the crop year's end, were also lower, amid few other changes. Globally, ending stocks for the year saw a 8.61 million mt decline to 106.72 million mt, according to the USDA data.

The report noted that because of a lapse in federal funding, a separate WASDE report for January 2019 will not be published. The January report was initially scheduled to be released on January 11, but was not issued because of the partial US government shutdown.

According to the February report, US soybean yields decreased by 0.5 bu/acre to 51.6 bu/acre. US soybean production decreased 56 million bu to 4,544 million bu. Projected exports for the 2018-19 crop year were reduced 25 million bu to 1,875 million bu.

Despite the reductions in the report, trade reaction was very limited. Market participants had an extra month in January to discuss the release of updated USDA data, and saw little trade activity once February's numbers came in very close to estimates.

"There's always a surprise in the report, this one was surprising for how boring it is," a trader said.

The US crop year for soybeans runs from September 1 to August 31.

-- Luke Lundgren, luke.lundgren@spglobal.com

-- Edited by Jennifer Pedrick, newsdesk@spglobal.com