The U.S. season-average soybean price for 2012/13 is projected unchanged at $15.00 to $17.00 per
bushel. Soybean meal prices are projected at $485 to $515 per short ton, up $25.00 on both ends of
the range. Soybean oil prices are projected at 54 to 58 cents per pound, up 1 cent on both ends of
Global oilseed production for 2012/13 is projected at 453.1 million tons, down 4.2 million from last
month. Reductions for soybeans, sunflowerseed, and rapeseed are only partly offset by increased
peanut and cottonseed production. In addition to the United States, projected soybean production is
reduced for Ukraine and Canada. Early harvest results for Ukraine indicate a lower yield in part
reflecting unusually hot temperatures during the growing season. Lower soybean production for
Canada is based on the most recent crop survey results reported by Statistics Canada. Rapeseed
production for Canada is reduced 0.9 million tons to 15.4 million based on lower yields and
harvested area reported by Statistics Canada. At this level the crop is record large. Rapeseed
production is also raised for the 2011 crop based on the latest Statistics Canada estimates.
Other changes include higher rapeseed production for EU-27, lower sunflowerseed production for
Russia, Ukraine, and EU-27, and lower cottonseed production for Brazil.