USDA: Dim Soybean Outlook Won't Affect Exports
13 February 2012
US - Despite a dimmer outlook for South American soybean production, US exports for 2011/12 are expected to be unchanged at 1.275 billion bushels as an anticipated upswing in sales may only narrow a large gap with last year's pace of shipments.
Domestic processing margins for soybeans have not appreciably improved, either, so the 2011/12 crush forecast did not change from 1.615 billion bushels. Without changes in forecast US soybean demand, the expectation for season-ending stocks is unchanged at 275 million bushels.
Based on smaller South American crops, global soybean production for 2011/12 is forecast down by 5.5 million metric tons this month to 251.5 million. In Brazil, drought losses in the South are forecast to reduce 2011/12 soybean production by 2 million tons this month to 72 million.
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February 2012
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