As demand for biofuel continues to drive soybean crush levels in the domestic oilseed market and to capture an increasing share of the U.S. soybean crop, exports of U.S. soybeans are expected to decline in 2021/22 to 2.075 billion bushels. This volume would represent a 9 percent decline from the 2.28 billion bushels of exports anticipated for this marketing year. If realized, the 2.225 billion bushels of expected soybean crush for the 2021/22 marketing year would represent a new record volume, overtaking the 2.19 billion bushels of crush anticipated for 2020/21. High prices for soybean oil are largely responsible for the larger crush volumes, even as soybean prices continue to increase. Although no change has been forecasted for the season-average ending price for the current marketing year, the 2021/22 price is expected to increase significantly at $13.85 per bushel, the highest price received since the 2012/13 marketing year.
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Errata: On May 25, 2021, the Oil Crops Outlook Tables were reposted to fix a data transfer error. The peanut domestic food disappearance forecast for 2021/22, Table 7, Peanuts: U.S. supply and disappearance was updated. No other numbers or tables were affected by this error.
See the Oil Crops Outlook.
Source : usda.gov