Outlook Brightens for U.S. Soybean Exports
In USDA’s first assessment of 2010 crop potential, the August Crop Production report forecast a U.S. soybean crop of 3.433 billion bushels. The U.S. average soybean yield is forecast at 44 bushels per acre, which would match last year’s record. Based on robust growth in China’s soybean imports, U.S. soybean exports for 2010/11 were forecast 65 million bushels higher this month to 1.435 billion.
Soybean imports by China are forecast to rise 5 percent in 2010/11 to 52 million metric tons. Drought is seen reducing sunflowerseed harvests in Russia and Ukraine, with 2010 global production dropping 2.1 million tons this month to 31.6 million. Global rapeseed output for 2010/11 is reduced 1.1 million tons this month to 56.7 million due to smaller crops in the EU-27 and the Former Soviet Union.