Total U.S. oilseed production for 2019/20 is forecast at 107.6 million tons, down slightly due to a decrease for cottonseed. Soybean supply and use projections for 2019/20 are unchanged from last month.
The U.S. season-average soybean price for 2019/20 is forecast at $8.85 per bushel, down 15 cents. The soybean meal price forecast is reduced $15.00 to $310.00 per short ton. The soybean oil price forecast is unchanged at 31.0 cents per pound.
Global 2019/20 oilseed production is forecast up 3.3 million tons to 574.6 million, with greater soybean, sunflowerseed, and peanut production partly offset with lower rapeseed and cottonseed forecasts. China’s soybean production is projected up 1.0 million tons to 18.1 million reflecting higher area and yield reported by the National Bureau of Statistics.
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Sunflowerseed production is forecast higher for Russia and Ukraine. Sunflower yields for both Ukraine and Russia established new record highs based on a continuing strong upward yield trend, seasonably cool temperatures, and timely mid-summer rainfall.
Other changes include increased peanut production for India, lower rapeseed production for Canada, higher cottonseed production for Brazil, and lower cottonseed production for Pakistan.
Global 2019/20 soybean exports are reduced 0.6 million tons to 149.0 million on a lower forecast for Argentina. Soybean imports are reduced for Vietnam, offset by higher soybean meal imports. Global soybean stocks are forecast higher this month on increases for China and Brazil.