Surplus Crops Meet Surplus Energy
- Henri Bardon
- Jan 12
- 4 min read
The January USDA WASDE set a clearly bearish tone for oilseeds. World soybean ending stocks for 2025/26 are estimated near 123 to 124 million metric tons. Brazil’s soybean crop is marked around 178 million metric tons, which places global carryout near 70 percent of Brazilian production. US soybean ending stocks rose to about 350 million bushels versus trade expectations near 290. This balance sheet leaves little room for oilseed tightness and frames the vegetable oil complex as structurally long.
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