OILSEEDS: U.S. soybean supply and use projections for 2014/15 are unchanged this month. With soybean crush and exports projected at 1,795 million bushels and 1,790 million bushels respectively, ending stocks remain projected at an 8-year high of 385 million bushels. Soybean and soybean product prices are also unchanged. The U.S. season-average soybean price range for 2014/15 is projected at $9.45 to $10.95 per bushel; soybean meal and soybean oil prices are projected at $350 to $390 per short ton and 30 to 34 cents per pound, respectively.
Global oilseed production for 2014/15 is projected at 532.2 million tons, up fractionally from last month on small changes in foreign production. Global soybean production is unchanged at a record 315.1 million tons with Brazil soybean production projected at 94.5 million tons, Argentina at 56.0 million, and Paraguay at 8.5 million. Small changes in other oilseeds include increased rapeseed production for Australia, lower sunflowerseed production for India, and higher cottonseed production for Pakistan.
Global oilseed trade for 2014/15 is projected at 136.8 million tons, up 0.3 million mainly reflecting increased soybean exports for Paraguay and India. Soybean imports are raised for several countries including Russia, Turkey, Mexico, and Bangladesh. Lower soybean imports for Brazil and Iran partly offset these gains. Oilseed product trade changes include reduced soybean meal exports for India and reduced soybean meal imports for Turkey, the Philippines, Japan, and Venezuela. Global oilseed ending stocks are projected at 103.3 million tons, up fractionally from last month.
Source: USDA WASDE