February 28, 2005

2005/06 outlook for US soybean supply, demand

The US Department of Agriculture released its first projections for US soybeans supply, demand and price for the 2005-06 marketing year Friday at its Annual Outlook Forum.

The following table outlines USDA's projections for soybean supply, demand and price for 2005-06 as well as forecast for 2003/04 and 2004/05.
 
                                      2003/04      2004/05      2005/06
                                         1/               2/
Area planted (mil. acres)     73.4         75.2              73.0
Area harvested                   72.5         74.0              71.7
Yield (bu./acre)                   33.9         42.5              40.0
Production (mil. bushels)    2,454        3,141           2,870
Beginning Stocks                  178          112              440
Imports                                 6              5                  3
Supply                              2,638        3,258           3,313
Crush                               1,530        1,655           1,695
Seed and Residual                110          153              148
Total Domestic Use            1,640        1,808           1,843
Exports                               885          1,010         1,060
Total Use                          2,525        2,818           2,903
Ending Stocks                      112          440              410
Stocks/use (percent)           4.40         15.60         14.10
Farm Price ($/Bushel)         7.34           5.10           4.50
 
1/ Estimates, 2/ Projected.

Source: USDA