The June crop report published by the U.S. Department of Agriculture (USDA) projects slightly higher anticipated soybean yields, total production and export volumes compared to last crop year (2011/12). Soybean production is estimated to be increased by about five percent and meal production at near last year levels. The big change is that soybean exports will return to previous levels. The end results will be continued relatively high soybean and soybean meal prices; USDA estimates the average meal price will be in the range of $335-360 dollar per short ton.
Better estimates for the 2012/2013 crop year will be available later this year since the current soybean crop is so dependent on soil moisture conditions in the soybean producing states. The growing conditions during July-August and early September determine the yield of the crop and the total soybean supply. More accurate values for this year’s soybean supply and use will be included in a subsequent issue of the Soybean INFOsource newsletter.
U.S. Soybeans and Products Supply and Use (*)
(*) Marketing year beginning September 1 for soybeans and October 1 for meal;
(**) Estimates and
(***) Projections at this time
Reference: U.S.D.A. Economic Research Service, World Agricultural Supply and Demand Estimates; WASDE-507, June 12, 2012
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