OILSEEDS: U.S. oilseed production for 2013/14 is projected at 100.9 million tons, up 0.2 million from last month, with increased soybean production mostly offset by reductions for other oilseeds. Soybean production is projected at 3.42 billion bushels, up 30 million due to increased harvested area.
Harvested area, estimated at 76.9 million acres in the June 28 Acreage report, is 0.7 million above the June projection. The soybean yield is projected at 44.5 bushels per acre, unchanged from last month. Soybean supplies are 30 million bushels above last month’s forecast reflecting the production change.
With projections for exports and crush unchanged, 2013/14 soybean ending stocks are raised 30 million bushels to 295 million. U.S. soybean supply and use projections for 2012/13 are unchanged.
The 2013/14 U.S. season-average soybean price is forecast at $9.75 to $11.75 per bushel, unchanged from last month. Product prices are also unchanged, with soybean meal prices forecast at $290 to $330 per short ton and soybean oil prices forecast at 47 to 51 cents per pound.
Global oilseed production for 2013/14 is projected at 492.9 million tons, up 2.1 million from last month. Higher forecasts for soybeans, rapeseed, cottonseed, and peanuts are only partly offset by reductions for sunflowerseed. Global soybean production is projected at 285.9 million tons, up 0.6 million with gains for the United States, China, and Canada only partly offset by reductions for Argentina and Russia.
Argentina soybean production is reduced due to a lower harvested area estimate for both 2012/13 and 2013/14. Rapeseed production for Canada is projected at 15 million tons, up 0.5 million based on increased area consistent with the latest survey results reported by Statistics Canada. Other changes include increased rapeseed production for China and Russia, reduced sunflowerseed production for Ukraine, and increased cottonseed production for India.
Coverage, Analysis of the July 11 USDA Reports
See all of the report data, coverage and analysis of the July 11 World Agricultural Supply and Demand Estimates and Crop Production reports.