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WASDE: U.S. oilseed Production Projected 1.9 million Up From last Month

OILSEEDS: U.S. oilseed production for 2016/17 is projected at 126.2 million tons, up 1.9 million from last month with increased soybean, canola, and sunflowerseed production partly offset with lower cottonseed and peanuts. Soybean production is forecast at 4,269 million bushels, up 68 million mainly on higher yields. The soybean yield is projected at 51.4 bushels per acre, up 0.8 bushels from the September forecast. Soybean supplies for 2016/17 are projected 70 million bushels above last month with slightly higher beginning stocks adding to higher production.
 
U.S. soybean exports for 2016/17 are projected at 2,025 million bushels, up 40 million with increased supplies. An offsetting reduction is forecast for Argentina soybean exports. With soybean crush unchanged, ending stocks for 2016/17 are projected at 395 million bushels, up 30 million from last month. The soybean price is projected at $8.30 to $9.80 per bushel,unchanged from last month. Soybean meal and soybean oil price projections are also unchanged at $300 to $340 per short ton and 30.5 to 33.5 cents per pound, respectively. Global oilseed production for 2016/17 is projected at 548.1 million tons, up 3.6 million from last month mainly on higher soybean production. Global soybean production is projected at a record 333.2 million tons, up 2.8 million with higher forecasts for the United States, Brazil, and Canada partly offset by a reduction for Russia. Brazil soybean production is projected at a record 102.0 million tons on higher area reflecting the most recent CONAB survey. The soybean crop in Canada is raised on higher expected area and yields. The soybean crop in Russia is projected lower on the most recent harvest results. Rapeseed production for Canada is projected at 18.5 million tons, up 0.5 million based on the most recent analysis from Statistics Canada. Rapeseed production is also increased for Australia on higher expected yields. Other oilseed production changes include higher sunflowerseed production for Turkey, higher cottonseed production for Australia, and lower cottonseed production for Brazil. Malaysia palm oil production is reduced for 2015/16 based on final production data, and for 2016/17 with the impact of reduced rainfall continuing to affect yields. With increased global beginning stocks and production, 2016/17 oilseed supplies are projected 1 percent higher than last month. With crush mostly unchanged, global oilseed stocks for 2016/17 are projected at 88.1 million tons, up 5.3 million mainly on higher soybean stocks in the United States, Brazil, Argentina, and China. 
 

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