Historically, quarterly feed, seed, and residual use varied widely from year to year, but averaged about 41 million bushels during the third quarter of the marketing year in the previous four years. Use during the first three quarters of the year averaged 197 million bushels for those same four years.

Good said based on estimated feed, seed, and residual use during the first half of this year, that average would also point to third quarter use near 40 million bushels. Total domestic use during the quarter was likely near 465 million bushels.

"Based on cumulative export inspections through May and Census Bureau estimates through April, soybean exports during the third quarter of the year were near 257 million bushels," Good said. "Consumption of soybeans for all purposes should have been near 722 million bushels, pointing to June 1 stocks near 650 million bushels."