U.S. oilseed production for 2011/12 is estimated at 91.2 million tons, up 0.2 milliontons from last month. Larger crops for soybeans and canola are partly offset by reductions for
cottonseed, sunflowerseed, and peanuts. Soybean production is estimated at 3.056 billion
bushels, up 10 million based on increased yields. The soybean yield is estimated at 41.5
bushels per acre, up 0.2 bushels from the previous estimate. Soybean crush is lowered 10
million bushels to 1.615 billion reflecting industry-reported data through the first quarter of the
marketing year. Soybean exports are projected at 1.275 billion bushels, down 25 million from
last month and down 226 million from 2010/11. Soybean ending stocks are projected at 275
million bushels, up 45 million. Soybean product changes include a lower soybean oil extraction
rate, lower projected soybean oil exports, and increased soybean oil ending stocks.
The 2011/12 U.S. season-average soybean price range is narrowed 25 cents on both ends of
the range to $10.95 to $12.45 per bushel. The soybean oil price is forecast at 50.5 to 54.5
cents per pound, unchanged from last month. The soybean meal price is projected at $290 to
$320 per short ton, up 10 dollars on both ends of the range.
Global oilseed production for 2011/12 is projected at 457.4 million tons, down 0.3 million with
lower soybean production more than offsetting higher projections for sunflowerseed and
rapeseed. Global soybean production is projected at 257 million tons, down 2.2 million mostly
due to lower production forecasts for South America. The Argentina soybean crop is projected
at 50.5 million tons, down 1.5 million due to lower projected area and yields. Excessive heat
and dry conditions since December throughout much of the principal growing area is expected
