March 2, 2009
US 2009-10 soyoil output seen at 19.095 billion pounds
US 2009-10 soyoil production is seen at 19.095 billion pounds and soymeal ending stocks are estimated at 300,000 short tonnes, according to the US Department of Agriculture, which released its grains and oilseeds outlook Friday (February 27) at its annual Agricultural Outlook Forum.
US soyoil consumption in 2009 is expected to slip 1 percent to 17.4 billion pounds.
One use of soyoil is as a feedstock for biodiesel production.
"Relatively high soyoil prices and a trend toward using other fats and oils for feedstock are expected to leave soyoil used for biodiesel at 2.9 billion pounds for 2009-10," which is unchanged from last year, the USDA said.
Soymeal exports are expected to rise in 2009 as US crushers take advantage of drought-reduced supplies in Argentina. Argentina is the world's top exporter of soymeal and soyoil, but the soybean crop there has been suffering from the effects of a drought.
Meal exports are now estimated at 9 million tonnes, up 7 percent from a year ago.
In its Feb. 12 baseline report, the USDA estimated 2009-10 soymeal ending stocks at 300,000. Production was seen at 40.935 million tonnes, with domestic usage at 32.7 million and exports of 8.4 million. The baseline projections were compiled in November 2008.
In the baseline report, USDA estimated 2009-10 soyoil production at 19.610 billion pounds and total domestic usage at 18.0 billion. Soyoil for methyl esters -- used in biodiesel production -- was seen at 3.1 billion. Exports were estimated at 1.9 billion and ending stocks seen at 1.786 billion.
In its February supply and demand report, the USDA estimated 2008-09 soymeal ending stocks at 300,000. Production was seen at 38.991 million tonnes, with domestic usage at 30.75 million and exports of 8.4 million.
USDA estimated 2008-09 soyoil production at 18.810 billion pounds and total domestic usage at 17.6 billion, in the February report. Soyoil for methyl esters -- used in biodiesel production -- was seen at 2.9 billion. Exports were estimated at 1.5 billion and ending stocks seen at 2.243 billion.
