US 2009-10 soymeal exports set for a record

 

 

The US is now forecast to export a record amount of soymeal in the current 2009-10 marketing year, according to a USDA report released Thursday (June 10).

 

The rise in foreign demand for US soymeal, the USDA said in its June edition of the World Agricultural Supply and Demand Estimates report, pushed the soy crush estimate higher although the prediction for soymeal ending stocks remains unchanged thanks to a reduction in expected domestic use.

 

According to the report, soy crush for 2009-10 is raised 5 million bushels to 1.74 billion bushels reflecting an increase in projected soymeal exports; while soymeal exports are projected at a record 11.5 million tonnes, almost 2 million tonnes above the previous record set in 1997-98.

 

The USDA also raised its forecast for soymeal exports in the upcoming 2010-11 marketing year, though the amount is significantly smaller than the record level expected in 2009-10.

 

Exporters are now forecast to ship 8.9 million tonnes of soymeal in 2010-11, up from USDA's May prediction of 8.8 million tonnes.

 

However, the USDA lowered its predictions for soy ending stocks in both the 2009-10 and 2010-11 marketing years. The 2009-10 carryout is now predicted at 185 million bushels, down from the May forecast of 190 million bushels. The 2010-11 carryout forecast was lowered to 360 million bushels, down from 365 million bushels.

 

Meanwhile, in Argentina, the 2009-10 soy output is estimated at 55.0 million tonnes, above the previous estimate of 54.8 million tonnes, Buenos Aires Grains Exchange said on Thursday (June 10).

 

The exchange held its estimate for the corn crop at 22.2 million tonnes and also maintained its outlook for 2010-11 wheat plantings at 4.2 million hectares (10.4 million acres).