Soybeans and Oil Crops, May 2020

Brighter U.S. Export Outlook May Trim 2020/21 Stocks Surplus

U.S. soybean production for 2020/21 is projected at 4.125 billion bushels, up 568 million from last year’s crop. The increase is largely based on farmers following through on intentions to plant 83.5 million acres of soybeans, although the projected trend yield of 49.8 bushels per acre is also above last year’s level. U.S. soybean exports in 2020/21 may see a recovery to 2.05 billion bushels compared with a revised 2019/20 forecast of 1.675 billion. Coupled with a minimal increase for the domestic crush, season-ending stocks for 2020/21 may decline to 405 million bushels from 580 million in 2019/20.

See the May Soybeans & Oil Crops Outlook report and previous reports.