WASDE: US soy exports cut, stocks up as S. America output neutral

The USDA has pushed up its estimate of soybean ending stocks 60 million bushels (1.6 million mt) to 530 million bushels, while cutting its exports by the same amount to 2.1 billion bushels in a move that will likely be seen as price neutral.

The USDA left its US crush rate unchanged at 1.95 billion bushels, while pushed up its forecast of Brazil production 2 million mt to 112 million mt and cut its Argentinian output by the same amount to 54 million mt.

Average trade guesses for Reuters was ending stocks of 460-535 million bushels, Brazil harvest of 110-112.5 million mt and Argentina output of 52-56 million mt.

While production out of South America was within expectations and net neutral, global production estimate fell to 346.9 million mt from 348.6 million mt on the back of a lower harvest in Paraguay, Bolivia, India, Ukraine and South Africa.

Global ending stocks fell 0.4% to 98.57 million mt.

Brazil exports were revised upwards to 69 million mt.