WASDE Oilseeds: Increased Soybean Exports, Lower Ending Stocks

    Soybean harvest. ©Debra L Ferguson

    This month’s 2020/21 U.S. soybean outlook is for increased exports and lower ending stocks. Soybean exports are projected at 2.25 billion bushels, up 20 million from last month reflecting record marketing-year exports through January and a slow start to Brazil’s export season resulting from harvest delays.

    With crush unchanged, soybean ending stocks are reduced 20 million bushels to 120 million. If realized, soybean ending stocks would be down 77 percent from 2019/20, and the lowest since 2013/14.

    The U.S. season-average soybean price for 2020/21 is forecast at $11.15 per bushel, unchanged from last month. The soybean meal price is forecast at $400.00 per short ton, up 10 dollars. The soybean oil price forecast is raised 1.5 cents to 40.0 cents per pound.

    Global 2020/21 soybean supply and demand forecasts include higher exports and lower ending stocks. Global exports are raised 0.6 million tons to 169.7 million on higher exports from the United States and Russia. Higher imports for Argentina are partially offset by reductions for the EU-27+UK, Canada, and Bangladesh.

    Global soybean stocks are reduced 1.0 million tons to 83.4 million as lower stocks in the United States and Brazil more than offset higher stocks in Argentina.

    Full report.




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