WASDE: Oilseed Outlook
U.S. soybean supply and use changes for 2020/21 include lower beginning
stocks and higher production, crush, exports, and ending stocks.
Beginning stocks are reduced on a small increase in 2019/20 soybean
crush. Soybean production is forecast at 4.425 billion bushels, up 290
million on higher yields. Harvested area is forecast at 83.0 million
acres, unchanged from the July projection. The first survey-based
soybean yield forecast of 53.3 bushels per acre is raised 3.5 bushels
from last month and is 5.9 bushels above last year’s level. Soybean
supplies for 2020/21 are projected at a record 5.1 billion bushels, up
13 percent from last year. U.S. soybean exports are raised 75 million
bushels to 2.13 billion on increased global import demand, increased
supplies, and lower prices. Soybean crush is also raised, mainly
reflecting increased soybean meal exports. Soybean ending stocks are
projected at 610 million bushels, up 185 million from last month.
The U.S. season-average soybean price for 2020/21 is forecast at $8.35 per bushel, down 15 cents from last month. The soybean meal price is forecast at $290 per short ton, down 10 dollars. The soybean oil price is forecast at 30.0 cents per pound, up 1 cent.
The 2020/21 global oilseed supply and demand forecasts include higher production, higher use, and lower ending stocks. Partly offsetting higher U.S. production, foreign oilseed production is reduced 1.7 million tons to 479.6 million, mainly on lower rapeseed and sunflowerseed crops. Rapeseed production is lowered for Ukraine and Kazakhstan while sunflowerseed production is lowered for Russia, Kazakhstan, and Moldova.
Global 2020/21 soybean trade is raised 3.9 million tons, with higher exports for Brazil, Argentina, and the United States. This is parallel to higher imports for China, Thailand, Argentina, Egypt, and India. Soybean crush for China is raised 3.0 million tons to 98.0 million in 2020/21, but soybean meal equivalent (SME) protein growth is unchanged from last month at 5 percent due to oilseed meal consumption changes in the prior year. With higher global soybean production mostly offset by higher use, mainly in China, global ending stocks are increased 0.3 million tons to 95.4 million. Other notable changes include higher 2020/21 peanut production for India on the rapid planting pace and higher 2019/20 Malaysian palm oil production on recent monthly output strength.
Corn Balance Sheet
Estimated Weekly Meat Production
Export Sales Highlights
Farms and Land in Farms Highlights
Livestock, Dairy & Poultry Outlook
Milk Production By State
National Drought Monitor
National Feeder Cattle Report
National Grain Report
Natural Gas Weekly Update
Number Of Farms By State
Quarterly Hogs & Pigs
Soybean Balance Sheet
United States Ag Production Report
USDA Grain Stocks Report
USDA Prospective Plantings Report
WASDE: Feed Grain Outlook
WASDE: Livestock, Dairy & Poultry Outlook
WASDE: Oilseed Outlook
WASDE: Wheat Outlook