February 28, 2005

 

 

2005/06 outlook for US soyoil supply, demand

 

The US Department of Agriculture released its first projections for US soyoil supply, demand and price for the 2005-06 marketing year Friday at its Annual Outlook Forum.

 

The following table outlines USDA's projections for soyoil supply, demand and price for 2005-06 as well as forecast for 2003/04 and 2004/05. All quantities are in million pounds, except as otherwise noted:

 

                                    2003/04    2004/05     2005/06

                                        1/          2/

Production (mil. bu) 3/    17,080      18,770       19,070

Beginning Stocks            1,491        1,076        1,351

Imports                          306          105           110

Supply                          18,877       19,951      20,531

Total Domestic Use        16,866       17,300      17,650

Exports                           935          1,300       1,500

Total Use                      17,801       18,600      19,150

Ending Stocks                 1,076        1,351       1,381

Avg Oil Price (cents/lb)  4/ 29.97      21.50       19.50

 

1/ Estimates; 2/ Projected; 3/The soyoil marketing year is October through September; 4/The average price is for crude soyoil at Decatur, Ill.

 

Note: Total may not add due to rounding.

 

Source: USDA