OILSEEDS: U.S. oilseed production for 2014/15 is projected at 116.3 million tons, up 0.1 million from last month. Soybean production is forecast at a record 3,927 million bushels, up 14 million with improved yields more than offsetting reduced harvested area. The soybean yield is projected at 47.1 bushels per acre, up 0.5 bushels from September. Harvested area is reduced 0.7 million acres to 83.4 million. Soybean supplies for 2014/15 are projected 24 million bushels below last month with lower beginning stocks from the Grain Stocks report more than offsetting increased production. Canola, sunflower, and cottonseed production are forecast lower this month while peanut production is forecast slightly higher.
U.S. soybean exports and crush for 2014/15 are unchanged this month. Soybean ending stocks are projected at 450 million bushels, down 25 million on reduced supplies. Prices for soybeans, soybean oil, and soybean meal are unchanged.
Global oilseed production for 2014/15 is projected at 528.4 million tons, up 0.4 million from last month as higher soybean, peanut, and cottonseed production more than offset reduced sunflowerseed and rapeseed production. Global soybean production is projected at 311.2 million tons, up 0.1 million. Small reductions in soybean production for China and Russia partly offset increases for the United States and EU. Rapeseed production is reduced for Canada based on lower yields reported in the most recent survey from Statistics Canada. Rapeseed production is increased to a record 23.5 million tons for EU. Global sunflowerseed production is reduced on lower estimates for both Argentina and Russia. Other changes include increased cottonseed production for China, India, and Pakistan.
Global oilseed stocks for 2014/15 are projected at 103.6 million, a 29 percent increase from 2013/14. Oilseed stocks are virtually unchanged from last month as lower rapeseed stocks in Canada offset an increase in soybean stocks. Higher soybean stocks in Argentina offset a reduction in the United States.
Oct. 10 WASDE: Rice Production Raised on Higher Yield Forecast
Complete Coverage of Oct. 10 USDA Reports