USDA Oil Crops Outlook
15 July 2015
USDA Oil Crops Outlook - 15 July 2015
Lower New-Crop Soybean Supplies Seen With Lower Beginning Stocks Forecast
According to USDA’s Acreage report, U.S. farmers planted a record 85.1 million acres of soybeans this year. Based on a higher forecast of harvested acreage, forecast soybean production for 2015/16 increased 35 million bushels this month to 3.885 billion. However, a forecast for lower beginning stocks of soybeans reduced the expected total supply for 2015/16 by 40 million bushels. A lower carryover and higher domestic use this month reduces the 2015/16 forecast of season-ending soybean stocks by 50 million bushels to 425 million. USDA this month raised its 2015/16 forecast of the U.S. average farm price to $8.50-$10.00 per bushel from $8.25-$9.75.
Brazil soybean exports were forecast higher this month for 2014/15 (up 1.15 million metric tons to 46.8 million) and 2015/16 (up 1 million to 50.75 million). Also, Argentine soybean exports for 2015/16 are forecast 200,000 tons higher this month to 8.7 million, based on higher expected carryover stocks.
Published by USDA Economic Research Service
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