Based on strong sales to date, U.S. exports of soybean oil for 2010/11 were forecast 200 million pounds higher this month to 3 billion pounds. Total domestic disappearance of soybean oil for 2010/11 was forecast unchanged this month, as a forecast 200-millionpound reduction in the domestic use of soybean oil for methyl esters (biodiesel) to 2.7 billion pounds was offset by an increase for the edible market. The season-average price of soybean oil was forecast up to 51.5-55.5 cents per pound, compared to 51-55 cents
last month.
Brazil’s 2010/11 soybean production estimate was raised 1.5 million metric tons this month to 70 million. Soybean crushing in Brazil for 2010/11 is expected to increase to a record 35.3 million tons. Similarly, the big crop will benefit Brazil’s soybean exports, which are seen 200,000 tons higher this month to a record 32.5 million. For Argentina, stronger export competition is seen reducing 2010/11 soybean exports by
Download USDA ERS Oil Crops Outlook Report (PDF)
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