March 11, 2014

US soy exports reach record of 41.64 million tonnes for 2013/14

Supported by continual strong sales and shipments through February and reduced soy crush, US soy exports have increased by 20 million bushels to a record 1.53 billion bushels (41.64 million tonnes) for 2013/14.

Domestic soymeal use through the first quarter of the marketing year is weaker than expected, resulting in a reduction of soy crush by 10 million bushels (272,155.5 tonnes). Soy stocks are down five million from January to 145 million bushels (3.95 million tonnes).

Prices of soy and soy products are projected to go up in March 2014. The season-average price range forecast for soy is raised to US$12.20/bushel to US$13.70/bushel, while soymeal prices are projected to rise by US$25 to the range of US$450/tonne to US$490/tonne.

At the same time, though partly offset by increase in rapeseed, sunflower seed and peanuts, global oilseed production for 2013/14 is projected to fall by 1.7 million tonnes from January to 504.3 million.

Dry weather in the south affected Brazil's soy production, which is projected to fall by 1.5 million tonnes to 88.5 million. Soy production is also reduced for Paraguay due to the extended period of hot and dry weather.

China's rapeseed production is slightly up by 200,000 tonnes at 14.4 million, due to increased area and yield.