U.S. soybean supply and use projections for 2012-2013 are unchanged this month, leaving ending stocks at 125 million bushels. Although soybean export commitments through February exceeded last year’s pace, U.S. exports are expected to decline in the months ahead as increased competition from a record South American soybean crop limits additional U.S. sales during the second half of the marketing year.

Soybean crush is also ahead of last year’s pace, but is projected to slow in the second half of the marketing year on declining soybean meal exports as competition from South America, especially Argentina, increases with the new-crop harvest.

The projected season-average price range for soybeans is narrowed 25¢ on both ends of the range to $13.80-14.80/bu. Soybean oil prices are forecast at 48.5-51.5¢lb., down 1¢ at the midpoint. Soybean meal prices are projected at $425-445/short ton, down $10 at the midpoint.

Global oilseed production for 2012-2013 is projected at 466.8 million tons, down slightly from last month as reduced soybean and sunflowerseed production is mostly offset by increased rapeseed and cottonseed production. Foreign production, projected at 374.1 million tons, accounts for all of the change. Argentina soybean production is projected at 51.5 million tons, down 1.5 million. Despite widespread rains in recent weeks, the extended dry period during planting and early crop development limited plantings and reduced yield prospects.

Get the full March 2013 WASDE report from USDA.



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