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The United States Department of Agriculture (USDA) increased its 2020/21 forecast for the use of soybean oil in biodiesel production in its latest World Agricultural Supply and Demand Estimates (WASDE) report, published by the journal Biodiesel on January 12th.
Its forecast for soybean production in 2020/21, however, fell 35 million bushels to 4.1 billion bushels, mainly due to reductions in Minnesota, Iowa and Kansas.
The harvested area was estimated at 33ha, a slight increase compared to the December report.
With higher imports and slightly higher opening stocks, soybean supplies are down 14 million bushels from last month. The soybean crush forecast was raised by 5 million bushels to 2.2 billion bushels, reflecting improved prospects for soybean meal exports with a lower export forecast for Argentina.
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The soybean export forecast was raised by 30 million bushels to a record 2.2 billion bushels. With lower supply and higher use, ending stocks were projected at 140 million bushels, down 35 million bushels from the previous forecast.
The USDA currently forecasts that 3.7 billion kilograms (8.2 billion pounds) of soybean oil would go to biodiesel production in 2020-21, up from a forecast of 3.6 billion kilograms (8.1 billion pounds). pounds) made at WASDE in December. About 3.56 billion kilograms (7.85 billion pounds) of soybean oil went into biodiesel production in 2019-20, down from 3.565 billion kilograms (7.86 billion pounds) in 2018-19.
Soybean and soy product prices were projected higher for January. The U.S. season's average soybean price for 2020-21 was projected at $$11.15/bushel, an increase of 60 cents as cash prices in central Illinois reached their six-year high.
The soybean production forecast for Argentina was reduced by 2 million tonnes to 48 million tonnes and for Uruguay by 200,000 tonnes to 2.2 million tonnes, reflecting weather conditions in December and early January.
Global soybean stocks fell 1.3 million tonnes to 84.3 million tonnes, with lower stocks for Argentina and the US that were partially offset by higher stocks for China.
This text was automatically translated from English.
Source: Oils & Fats International (OFI)
