U.S. soybean exports for 2011-2012 are reduced 40 million bushels to 1.375 billion reflecting the slow pace of export sales and strong early season export competition from South America. The Sept. 1 stock estimate of 215 million bushels indicated higher-than-expected residual use for 2010-2011. As a result, the 2011-2012 residual use is projected at 32 million bushels, up 9 million from the previous estimate. Soybean ending stocks are projected at 160 million bushels, down 5 million from last month.

Prices for soybeans and products are all reduced this month. The U.S. season-average soybean price range for 2011-2012 is projected at $12.15-14.15/bu., down 50¢ on both ends of the range. The soybean meal price is projected at $335-365/short ton, down $25 on both ends of the range. The soybean oil price range is projected at 53-57¢/lb., down 2¢ on both ends.

Global oilseed production for 2011-2012 is projected at 453.5 million tons, up 0.5 million from last month. Global soybean production is projected at 258.6 million tons, down 0.4 million mainly due to the lower U.S. crop. Soybean production is raised for India and Ukraine. Offsetting is a small reduction for Canada based on the latest survey information from Statistics Canada. Global oilseed stocks for 2011-2012 are increased 0.5 million tons to 73.0 million with soybeans accounting for most of the change.