This month’s U.S. soybean supply and use projections for 2014/15 include a small reduction in beginning and ending stocks. Lower beginning stocks reflect a higher crush projection for 2013/14. Soybean crush for 2013/14 is raised 5 million bushels to 1,700 million reflecting an increase in projected soybean meal exports. Soybean meal exports are projected at 11.5 million short tons, up 0.4 million from last month reflecting stronger-than-expected shipments this spring. Soybean ending stocks for 2013/14 are projected at 125 million bushels, down 5 million from last month. Ending stocks for 2014/15 are also reduced 5 million bushels to 325 million.
The 2014/15 season-average price for soybeans is projected at $9.75 to $11.75 per bushel, unchanged from last month. Soybean meal and soybean oil prices are projected at $355 to $395 per short ton, and 37 to 41 cents per pound, respectively. Product price projections are also unchanged from last month.
Global oilseed production for 2014/15 is projected at 516.0 million tons, up 0.8 million from last month. Rapeseed production for the European Union is raised 0.5 million tons to 22.0 million on improved yield prospects, mainly for the United Kingdom, Germany, Poland, and Romania. Other changes include increased soybean production for the European Union and increased cottonseed production for the United States. Cottonseed production is also raised for India for 2013/14.
Source: USDA WASDE