Chicago — Domestic soybean production for 2018-2019 is projected to rise 276 million bushels to 4.586 million on increased yield numbers, US Department of Agriculture data showed Thursday.
Soybean supplies for 2018-2019 are projected at a record 5.040 million bushels.
According to the agency's World Agricultural Supply and Demand Estimates in August, the soybean yield forecast for the 2018-2019 marketing year increased 3.1 bushels per acre to 51.6 bpa. The marketing year begins on September 1. Soybean ending stocks for 2018-2019 are projected at 785 million bu, a 35.34% increase from the previous report. The projected season-average price range for soybeans is down 35 cents at $7.65/bu-$10.15/bu.
US soybean changes for the 2017-2018 crop show exports increasing by 25 million bu and the crush volume increasing by 10 million bushels to a record 2,040 million bu, according to the USDA data. These increases to the 2017-2018 crop usage reduced 2018-2019 crop beginning stocks to 430 million bu.
Soybean oil ending stocks were estimated lower by 170 million lb to 2,171 million lb. Oil production was forecast higher by 175 million lb to 23,795 million lb. Projected soybean oil usage for biodiesel production remained unchanged at 7,800 million lb.
The soybean oil price range was forecast to remain unchanged at $0.28/lb-$0.32/lb, according to Thursday's report.
