Total soybean supply in 2019-20 was projected at a record 5.105 billion bushels, up 2.1% from 5.002 billion bushels forecast for 2018-19, which is the current record. But higher domestic soybean use, including forecast record crush at 2.105 billion bushels, up 0.7% from 5.002 billion bushels this year, the current record, and higher projected exports, projected at 2.025 billion bushels, up 8% from the current year, are expected to reduce soybean carryover on Sept. 1, 2020, to 845 million bushels, down 7% from 2019.

“The 2019-20 outlook for U.S. soybeans is for record supplies, higher crush and exports and lower ending stocks,” the USDA said. “Soybean exports for 2019-20 are projected at 2.03 billion bushels, up 150 million from the 2018-19 forecast. With rising global demand and reduced supplies in Brazil this fall, some recovery in U.S. exports is expected despite continued import duties assumed for U.S. soybeans in China.”