RTRS - Record US soy crop means bigger crush, exports in '13 and 14-USDA
Posted by Labels: Trader's highlightWASHINGTON, Feb 22 (Reuters) - The U.S. soybean crop will be a record 3.405 billion bushels this year, a dramatic 13 percent increase from 2012's drought-hit crop that will allow larger U.S. crushings and exports while rebuilding stocks, said the Agriculture Department on Friday.
At its annual Outlook Forum, USDA forecast end stocks for 2013/14 of 250 million bushels, double the amount expected at the end of this marketing year and the largest stocks since 2006/07.
With the larger crop, soybean use was forecast to rise by 3 percent. Crushings would climb to 1.66 billion bushels and exports to 1.5 billion bushels. Soymeal exports were forecast to grow by 4 percent on stronger demand in Europe and Southeast Asia.
Soyoil exports would plunge by 43 percent, however, to 1.3 billion pounds due to tightening U.S. supplies, allowing Brazil and Argentina to dominate trade, said USDA.
Domestic use of soyoil was projected to rise by 0.6 percent in 2013/14, supported by a higher U.S. target, at 1.28 billion gallons, for biodiesel use.
"The use of soybean oil for U.S. biodiesel production is projected at 5.2 billion lbs - up 300 million from 2012/13," said USDA. "At this level, soybean oil accounts for just over half of expected U.S. biodiesel production."
Larger use of soyoil for biodiesel would be offset by a 1.5 percent decline in soyoil in food.
USDA said the record crop would be grown on 77.5 million acres, matching the record for plantings. The record soybean crop now is 3.359 billion bushels in 2009.
Following are USDA's projections for production and use in the 2013/14 marketing year with comparisons to USDA estimates for 2011/12 and 2012/13.
U.S. soybean production and demand (in millions of bushels)
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