In early June the U.S. Department of Agriculture estimated 2013 soybean production to be 3.390 billion bushels based on an estimated 76.2 million harvested acres and an average yield of 44.5 bushels per acre. These values are "best estimates" since there are many variables that will determine the size of the 2013 soybean crop. We do not know at this time how many acres were damaged by spring rains; how the summer's temperatures and soil moisture conditions or the impact of soybean diseases will have on the final soybean yield. Therefore, better production values will be provided in future Newsletters.
In this issue we wanted to provide soybean production and use "trends" that impact soybean meal use. The following two tables show soybean production and use trends. Significant increases in soybean production, exports and farm prices have occurred in the past few years. Whereas, the soybean meal crush has been fairly stable over the same period of time. Meal exports have increased and total domestic use of soybean meal seems to be closely related to the average price of meal.
(*) Estimated; and (**) Projected
Reference: U.S.D.A., Economic Research Service, World Agricultural Supply and Demand Estimates, WASDE-519-15, June 11, 2013
The SOYBEAN MEAL INFORMATION CENTER is sponsored by the Soybean Checkoff: Including the checkoff boards from, Iowa, Illinois, Indiana, Kansas, Kentucky, Michigan, Minnesota, Ohio, and South Dakota.