According to the USDA’s Grain Stocks report, soybeans stored in all positions on June 1 totaled 405 million bushels, down 7 percent from last year. However, this decline fell short of expectations made earlier by industry analysts.

Reuters reported many within the industry expected soybean stocks to be around 378 million bushels, the lowest since the 1970s.

The USDA reported on-farm stocks totaling 109 million bushels, down 36 percent from 2013. Off-farm stocks were up 12 percent at 296 million bushels.  Indicated disappearance for the March-May 2014 quarter totaled 589 million bushels, up 4 percent from the same period a year earlier.

Read the Grain Stocks repot here.

The soy complex plummeted in response to the USDA’s news. Doane Advisory Service reports the entire soy complex posted huge post-report losses on news of soybean stocks above estimates and soybean plantings that blast all predictions. July soybeans crashed 47.0 cents to $13.85/bushel in late Monday morning trading, while July soyoil plunged 0.94 cents to 39.04 cents/pound, and July soymeal plummeted $19.5 to $450.3/ton.