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USA - Soybean Meal and Oil Prices Moderate Ahead of Declining Production

USDA raised 2012/13 forecasts for both U.S. exports and imports of soybean meal by 100,000 short tons this month to 8.9 million and 350,000 tons, respectively. USDA trimmed 2012/13 average price forecasts for soybean oil to 48.5-51.5 cents per pound and for soybean meal to $425-$445 per short ton. Based on crop stress in January and February, Argentine soybean production for 2012/13 was forecast 1.5 million metric tons lower this month to 51.5 million. In addition, a reduced 2012/13 crush is forecast to curtail Argentine soybean meal exports by 1 million tons to 27 million. Similarly, lower supplies are expected to reduce Argentine soybean oil exports this month by 200,000 tons to 3.95 million.

March 20, 2013


USDA raised 2012/13 forecasts for both U.S. exports and imports of soybean meal by 100,000 short tons this month to 8.9 million and 350,000 tons, respectively. USDA trimmed 2012/13 average price forecasts for soybean oil to 48.5-51.5 cents per pound and for soybean meal to $425-$445 per short ton. 

Based on crop stress in January and February, Argentine soybean production for 2012/13 was forecast 1.5 million metric tons lower this month to 51.5 million. In addition, a reduced 2012/13 crush is forecast to curtail Argentine soybean meal exports by 1 million tons to 27 million. Similarly, lower supplies are expected to reduce Argentine soybean oil exports this month by 200,000 tons to 3.95 million. 

Download Economic Research Service Situation and Outlook OCS-13c. released March 12, 2013:

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