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WASDE: U.S. Oilseed Production for Current Year Projected At 114.1 Million Tons

OILSEEDS: U.S. oilseed production for 2015/16 is projected at 114.1 million tons, down 2.6 percent from 2014/15 mainly on lower soybean production. Soybean production is projected at 3,850 million bushels, down 119 million from the 2014 crop with record harvested area more than offset by lower yields. Harvested area is projected at 83.7 million acres based on a 5-year average harvested-toplanted ratio and planted area of 84.6 million acres. The soybean yield is projected at a trend level of
46.0 bushels per acre, down 1.8 bushels from last year’s record. Supplies are projected at 4,230 million bushels, up 3.4 percent from 2014/15 with increased beginning stocks more than offsetting lower production.
The U.S. soybean crush for 2015/16 is projected at 1,825 billion bushels, up 20 million from 2014/15. U.S. soybean meal use is projected to increase 3.2 percent in line with expected gains in U.S. meat production. Despite lower prices, soybean meal exports are projected to decline with increased exports from South America and India accounting for most of the gains in global soybean meal trade. Soybean exports are projected at 1,775 million bushels, down 25 million from 2014/15 despite record supplies. Competition from record supplies in South America is expected to limit U.S. exports during the first half of the 2015/16 marketing year. With larger supplies and lower use, U.S. ending stocks for 2015/16 are projected at 500 million bushels, up 150 million from 2014/15. The U.S. season-average soybean price
for 2015/16 will decline to $8.25 to $9.75 per bushel compared with $10.05 in 2014/15. Soybean meal prices are forecast at $305 to $345 per short ton compared with $365 in 2014/15. Soybean oil prices are forecast at 29.5 to 32.5 cents per pound compared with 32.0 cents in 2014/15.
Global oilseed production for 2015/16 is projected at 531.2 million tons, slightly below 2014/15. Global soybean production is projected at 317.3 million tons, almost unchanged from 2014/15 with gains for Brazil, India, Paraguay, and Ukraine offset by reductions for the United States, Argentina, and China. The Argentina soybean crop is projected at 57.0 million tons, down 1.5 million from 2014/15 with higher area but lower yields. The Brazil soybean crop is projected at a record 97.0 million tons, up 2.5 million on higher area. China soybean production is projected at 11.5 million tons, down 0.85 million as producers shift to more profitable crops. Total oilseed supplies are up 2.8 percent from 2014/15. With crush projected to increase 2.3 percent, global oilseed ending stocks are projected at 107.4 million tons, up 8.3 million from the revised 2014/15 stock estimate.
Global protein meal consumption is projected to increase 3.4 percent in 2015/16. Protein meal consumption is projected to increase 3.0 percent in China, accounting for 24 percent of global protein consumption gains. Global soybean exports are projected at 122 million tons, up 3.8 percent from 2014/15. China soybean imports are projected at 77.5 million tons, up 4 million from the revised 2014/15 projection. Global vegetable oil consumption is projected to increase 3.6 percent in 2015/16
led by increases for China, India, and Indonesia. 

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