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Soybeans
U.S. soybean supply and use projections for 2010-2011 are mostly unchanged from last month. A higher soybean meal extraction rate is offset by a small increase in soybean meal exports, leaving the projected soybean crush unchanged. Soybean oil production is increased due to a higher soybean oil extraction rate. Soybean oil used for biodiesel for 2010-2011 is projected at 2.7 billion pounds, down 200 million from last month due to lower-than-expected production through January. Soybean oil exports are increased 200 million pounds to 3.0 billion reflecting continued strong export shipments and sales. Soybean oil stocks are projected at 2.4 billion pounds, down 165 million from last month. If realized, soybean oil ending stocks would be the lowest in six years.
The U.S. season-average soybean price range for 2010-2011 is projected at $11.10-12.10/bu., down 10¢ on both ends of the range. Soybean oil prices are forecast at 51.5-55.5¢/lb., up 0.5¢ on both ends. Soybean meal prices are forecast at $340-370/short ton, down $10 on the high end.
Global oilseed production for 2010-2011 is projected at 444.2 million tons, up 2.4 million tons from last month. Foreign production, projected at 343.7 million tons, accounts for all of the change. Brazil soybean production is forecast at a record 70.0 million tons, up 1.5 million tons from last month due to higher projected yields. Soybean production is also raised for China.
Global oilseed supplies, crush and ending stocks are projected higher this month. Soybean crush is projected higher for Brazil and India, and sunflowerseed crush is raised for China and EU-27. Higher soybean stocks for Brazil and Argentina are only partly offset by reductions for China, Canada and India. Higher rapeseed stocks are projected for EU-27, Australia, and Turkey. Global protein meal production, consumption, and stocks are all projected higher this month.
Download the full March 10 WASDE report from the USDA online.
