September 19, 2005

USDA raises estimate for soybean output in 2005

The USDA has raised its estimate for this year's soybean output to 2.856 billion, up 65 million bushels from the August forecast, but down 285 million bushels from the 2004 crop.

For the 2005-06 marketing year, the USDA estimated soybean prices at US$5.60/bushel, down US$0.40/bushel from last month's estimate, and down US$0.15/bushel from 2004-05.

2005-06 soymeal prices were estimated at US$180/tonne, down US$10/tonne from the August estimate and down US$5/tonne from 2004-05, the USDA said.