May 18, 2004

US Record Soybean Exports Seen in 2004/05
 

USDA says record U.S. soybean production, coupled with a smaller than expected South American soybean crop this spring, are projected to lead to record U.S. soybean exports of 29.4 MMT in 2004/05, up 20 percent from this year.

"South American soybean producers are likely to take advantage of very high soybean prices this summer by exporting a larger than normal proportion of their production," they add. "High prices will also cause a draw down in global soybean stocks, which are likely to reach very low levels before the U.S. soybean crop is harvested. Because of these factors, U.S. soybean exports are projected to be very strong this fall. South American soybean crushing and soybean meal exports will be lower than normal this fall, leading to an increase in U.S. soybean meal exports and contributing to the largest U.S. soybean crush since 2001/02."

USDA says soybean meal exports are forecast to reach 5.4 MMT, up 39 percent from 2003/04, and soybean oil exports are projected to rise 41 percent.