Total U.S. oilseed production for 2011-2012 is projected at 91.0 million tons, down slightly due to a small reduction in cottonseed. Soybean exports are reduced 25 million bushels to 1.3 billion reflecting the slow pace of shipments and outstanding sales through November, and strong export competition from South America. Projected soybean crush is reduced 10 million bushels to 1.625 billion due to reduced domestic soybean meal consumption and a higher meal extraction rate. Soybean ending stocks for 2011-2012 are projected at 230 million bushels, up 35 million from last month.

Prices for soybeans and products are all projected lower this month. The U.S. season-average soybean price range for 2011-2012 is projected at $10.70-12.70/bu., down 90¢ on both ends of the range. The soybean meal price is projected at $280-310/short ton, down $30 on both ends of the range. The soybean oil price range is projected at 50.5-54.5¢/lb., down 2.5¢ on both ends of the range.

Global oilseed production for 2011-2012 is projected at 457.6 million tons, up 2.8 million tons from last month. Foreign oilseed production accounts for most of the change with increases projected for soybeans, rapeseed, sunflower seed and peanuts. Global soybean production is projected at 259.2 million tons, up 0.3 million. Increased production for Canada and India is only partly offset by a lower projection for China.

Global oilseed trade is projected at 114 million tons, up 0.7 million from last month. Increased soybean exports from Brazil, increased rapeseed and soybean exports from Canada, and increased peanut exports from China and India account for most of the gains. Global oilseed ending stocks are projected at 75.5 million tons, up 1.6 million from last month mainly reflecting increased soybean stocks in the U.S. and increased rapeseed stocks in Canada.