February 28, 2005

 

 

2005/06 outlook for US soymeal supply, demand

 

The US Department of Agriculture released its first projections for US soymeal supply, demand and price for the 2005-06 marketing year Friday.

 

The following table outlines USDA's projections for soymeal supply, demand and price for 2005-06 as well as forecast for 2003/04 and 2004/05. All quantities are in thousands of short tons.

 

                                       2003/04      2004/05      2005/06

                                             1/           2/

 

Beginning Stocks                  220           211            250

Production (mil. bushels)      36,324      39,274        40,335

Imports                               270           164            165

Supply                               36,815       39,650       40,750

 

Total Domestic Use             32,260      33,700        34,100

Exports                              4,344        5,700         6,400

Total Use                          36,604       39,400        40,500

 

Ending Stocks                      211          250           250

 

Avg Meal Price ($/Ton)       256.05      157.50        150.00

                                           3/

 

1/ Forecast. 2/ Projected  3/Midpoint of forecast range.

 

Source: USDA