Soybean Production To Increase
U.S. soybean production is projected at 3.2 billion bushels, up 236 million from 2008-09, according to USDA in its May 12 World Agricultural Supply and Demand Estimates.
Soybean oil used for biodiesel production is projected at 2.2 billion pounds, up 300 million from the 2008-09 estimate of 1.9 billion. Soybean ending stocks are projected at 230 million bushels, resulting in a relatively low stocks-to-use ratio at 7 percent.
The U.S. season-average soybean price for 2009-10 is projected at $8.45 to $10.45 per bushel compared with $9.85 in 2008-09.
Global soybean production is projected to increase 14 percent to 241.7 million tons. Argentina’s crop is projected at 51 million tons, up 17 million from last year. Brazil’s crop is projected at 60 million tons, up 3 million from 2008.