April 10, 2008

US expects robust soy exports on strong demand
 

The US will be exporting more soy, soymeal and soy oil in the 2007-08 marketing year, the USDA said on Wednesday.

Despite record high soy prices, exports have remained strong, especially to China, where imports from the US are likely to exceed the 2004-05 record, the USDA said in its monthly supply and demand report.

The USDA is now forecasting US soy exports in 2007-08 to reach 1 billion bushels, a 50-million-bushel increase from its March forecast. The USDA soy oil export forecast was raised to 2.7 billion pounds, a 300-million-pound increase. US exports of soymeal are now predicted at 8 million tonnes, up 136,077 tonnes from the March forecast.

Soy rush is raised 5 million bushels to a record of 1.84 billion bushels, mainly on stronger-than-expected soy meal and oil exports, the USDA said.

Despite the new forecasts for stronger crushing and exports, the USDA on Wednesday raised its 2007-08 prediction for soy ending stocks to 160 million bushels, up 20 million from a month ago.