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USDA-ERS Oil Crops Outlook, 06.11.2010

Soybean Meal Exports Have Buttressed U.S. Soybean Demand

June 15, 2010

USDA-ERS Oil Crops Outlook, 06.11.2010

For 2009/10, the domestic crush of soybeans is expected 5 million bushels higher this month to 1.74 billion. The increase is based on robust soybean meal exports, which are forecast up to 11.5 million short tons from 11.2 million last month. Domestic use of soybean meal in 2009/10 continues to lag, however, and is forecast down 200,000 tons this month to 29.8 million. The higher expected soybean crush reduces the forecast for 2009/10 ending stocks of soybeans this month by 5 million bushels to 185 million.

Due to a recent surge, China’s 2009/10 soybean imports are forecast 1 million tons higher this month to 47 million. However, these may push up 2009/10 ending stocks of soybeans to 12.6 million tons from 9 million in 2008/09. In contrast, soybean oil imports by China are forecast down to 1.6 million tons from 1.9 million last month and 2.5 million tons in 2008/09.

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