reports, respectively. Soybean ending stocks for 2011/12 are projected at 170
million bushels, down 5 million.
Prices for soybeans and soybean meal for 2012/13 are raised this month. The U.S. season
average soybean price is projected at $13.00 to $15.00 per bushel, up $1.00 on both ends of the
range. Soybean meal prices are projected at $365 to $395 per short ton, up $30 on both ends of
the range. The soybean oil price projection is unchanged at 52.5 to 56.5 cents per pound.
Global oilseed production for 2012/13 is projected at 465.7 million tons, down 5.1 million from last
month. Lower soybean, cottonseed, and sunflowerseed production estimates are only partly
offset by increases for peanuts and rapeseed. Global soybean production is projected at 267.2
million tons, down 3.9 million mostly due to lower production in the United States. Higher
soybean production for Canada resulting from increased area partly offsets the U.S. reduction.
Rapeseed production is raised for Canada due to increased harvested area reflecting record
plantings reported by Statistics Canada. Sunflowerseed production is reduced for Russia based
on indications from planting progress data reported by Russia’s Ministry of Agriculture. Other
changes include reduced rapeseed production for Russia and increased peanut, canola, and
sunflowerseed production for the United States. Global oilseed ending stocks for 2012/13 are
projected at 63.1 million tons, down 2.7 million as reduced supplies are only partly offset by lower
crush. Lower soybean stocks in the United States and South America account for most of the