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USDA Estimates Send Soybeans & Wheat Lower

November 9, 2012 at 20:19 by Vladimir Vyun

Soybeans and wheat fell today after the US Department of Agriculture boosted its forecast for global inventories and output. At the same time, consumption is expected to decline.

World wheat stockpiles are expected to be at 174.18 million metric tons at the 2012–13 season, 0.7 percent above the October estimate. The projection for output was somewhat lower by 0.2 percent at 651.43 million tons. As for demand, it was revised down by 0.5 percent to 675.14 million tons.

Global soybean reserves are projected to total 60.02 metric million tons, 4.3 percent above the previous forecast. Expected output was higher by 1.3 percent at 267.6 million tons, while consumption estimated to be 261.03 million tons.

Soybeans fell as much as $0.4275 (2.86 percent) to $14.53 per bushel as of 20:14 GMT on CBoT today. Wheat dropped $0.1625 (1.8 percent) to $8.8625 per bushel.

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