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USDA Oil Crops Outlook


15 January 2015

USDA Oil Crops Outlook - January 2015USDA Oil Crops Outlook - January 2015


USDA Oil Crops Outlook

USDA pegged the final estimate for the 2014 soybean crop at 3.969 billion bushels, up 11 million bushels from the previous forecast. The national average yield was raised to a record 47.8 bushels per acre from the previous forecast of 47.5 bushels. Based on strong sales commitments, USDA raised its 2014/15 forecast of soybean exports this month by 10 million bushels to 1.77 billion. U.S. season-ending soybean stocks on August 31 are expected at 410 million bushels, unchanged from last month but well above the beginning inventory of 92 million. USDA forecasts the U.S. season-average farm price at $9.45- $10.95 per bushel, compared to $13.00 for 2013/14.

Global production of soybeans in 2014/15 is forecast up 1.6 million metric tons this month to 314.4 million. Favorable moisture conditions led USDA to forecast a higher Brazil soybean yield this month, which increased the 2014/15 production estimate by 1.5 million tons to 95.5 million. The pressure of large U.S. stocks is seen swelling Brazil soybean stocks in September to 25.8 million tons compared to 16.5 million a year earlier.

Published by USDA Economic Research Service

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