Total U.S. oilseed production for 2012-2013 is projected at 91.4 million tons, up 3.2 million from last month due to higher soybean, peanut and cottonseed production. Soybean production is forecast at 2.971 billion bushels, up 111 million from last month. The soybean yield is forecast at 39.3 bu./acre, up 1.5 bu. as several states show the benefit of late-season rainfall. Soybean crush is raised 20 million bushels to 1.56 billion based on increased soybean meal export prospects. Soybean exports are raised 80 million bushels to 1.345 billion reflecting larger supplies and the strong pace of sales through October. Soybean ending stocks are projected at 140 million bushels, up 10 million from last month.

Soybean oil supplies for 2012-2013 are raised this month as increased production more than offsets lower beginning stocks. Soybean oil domestic use is projected at 18 billion pounds with biodiesel use projected at 4.9 billion pounds. Soybean oil stocks are raised 250 million pounds to 1.52 billion on increased supplies. Prices for soybeans and products are all reduced this month. The U.S. season-average soybean price range is projected at $13.90-15.90/bu., down 35¢ on both ends of the range. The soybean meal price is projected at $455-485/short ton, down $15 on both ends of the range. The soybean oil price range is projected at 51-55¢/lb., down 2¢ on both ends.

Global oilseed production for 2012-2013 is projected at 462.1 million tons, up 4.4 million tons from last month. Global soybean production accounts for about 75% of the increase with larger crops projected the United States and Ukraine. Increased harvested area and yields are projected for Ukraine as harvest nears completion.

Global oilseed trade for 2012-2013 is projected at 114.7 million tons, up 2.4 million with increased soybean exports projected for the United States and Ukraine. Soybean imports are raised for several countries including China, Taiwan, EU-27 and Turkey. Global oilseed crush is raised 3.3 million tons to 392.4 million with higher projections for soybean crush in China, the United States and EU-27, higher sunflowerseed crush in Ukraine and higher rapeseed crush in China and Belarus. Increased crush results in higher projections for global vegetable oil and oil-meal production, trade, use and stocks.


Read the full November 2012 WASDE report from USDA.