USDA’s estimate of the 2013/14 U.S. soybean crop was 3.289 billion bushels on a harvested acreage of 75.9 million acres. Larger supplies and record-large outstanding sales commitments led USDA to raise its 2013/14 forecast of U.S. soybean exports this month by 20 million bushels to 1.495 billion. Also, the 2013/14 forecast of the U.S. soybean crush was raised 10 million bushels this month to 1.7 billion, based largely on strong soybean meal exports. USDA forecasts the season-average soybean price at $11.75-$13.25 per bushel, compared to $14.40 for 2012/13.

Based on a higher estimate for harvested area (up 400,000 hectares to 29.5 million), USDA raised its forecast of Brazil’s 2013/14 soybean production this month to 89 million metric tons. Part of the supply increase for soybeans in Brazil is expected to boost the country’s 2013/14 crush by 275,000 tons to 37.3 million, although carryout stocks are also likely to expand.

Download complete report: USDA-ERS Oil Crops Outlook No. (OCS-14A) 12 pp, January 2014 (PDF)