USDA: US Soybean Production

Here's a quick resume of the salient points with regards to US soybean production and demand for the coming season:

Soybean production is projected at 3.2 billion bushels, up 236 million from 2008/09 reflecting a small increase in harvested area and a trend yield of 42.6 bushels per acre. Soybean supplies are projected at 3.3 billion bushels, up 5 percent from 2008/09 as smaller beginning stocks partly offset increased production.

Soybean crush for 2009/10 is projected to increase 2 percent to 1.675 billion bushels reflecting a small increase in domestic meal use and higher exports. Domestic soybean oil consumption is projected to increase 1 percent as biodiesel expansion is partly offset by a small decline in food use. Soybean oil used for biodiesel production is projected at 2.2 billion pounds, up 300 million from the revised 2008/09 estimate of 1.9 billion.

Reduced South American supplies, due to drought in Argentina, Paraguay, and southern Brazil, are projected to push U.S. soybean exports to a record 1.26 billion bushels. Ending stocks are projected at 230 million bushels, resulting in a relatively low stocks-to-use ratio at 7 percent.