USDA cuts US soybean stocks view on stronger exports to China
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CHICAGO, Feb 11 (Reuters) - U.S. soybean supplies will be smaller than previously expected due to rising export demand from China, the government said on Tuesday.
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In its monthly supply and demand report, the U.S. Agriculture Department (USDA) pegged domestic 2019/20 soybean ending stocks at 425 million bushels, down from its January forecast for 475 million bushels. It left its corn ending stocks view unchanged at 1.892 billion bushels.
Analysts had been expecting soybean ending stocks of 443 million bushels and corn ending stocks of 1.864 billion bushels, based on the average of estimates in a Reuters poll. (Reporting by Mark Weinraub Editing by Chizu Nomiyama)