February 11, 2009
USDA raises forecast for US soy exports in 2008-09
The US Department of Agriculture on Tuesday (February 10) raised its forecast for US soy exports by 50 million bushels in the 2008-09 marketing year, citing stronger than expected shipments to China.
The new soy export forecast is now 1.15 billion bushels, according to the USDA's February World Agricultural Supply and Demand Estimates report, up from the January prediction of 1.1 billion
"Soy exports are raised 50 million bushels as export shipments continue to exceed earlier projections, primarily to China," the USDA said.
The USDA left its domestic soy production forecast unchanged at 2.959 billion bushels, but lowered its crush forecast and decreased its prediction for ending stocks.
"Soy crush is reduced 35 million bushels to 1.65 billion, reflecting a continuation of weak domestic soymeal disappearance that began during the summer of 2008," the USDA said.
But the USDA also lowered its ending stocks forecast to 210 million bushels, a 15-million-bushel drop from the 225 million predicted a month ago.
