WASDE: Soybean price increases
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In the July 11 World Agriculture Supply and Demand Estimate report, the USDA said the price for soybeans and soybean products increased this month. The U.S. season average price for 2008-'09 is projected to be $12 to $13.50 per bushel, up $1 on each end of the range. Soybean meal prices are projected at $355 to $415 per short ton, up $60 on each end of the range. Soybean oil prices are projected to be 59 to 63 cents per pound, up 7 cents.
U.S. oilseed ending stocks for 2008-'09 are projected to be at 4.9 million tons, down 900,000 tons from last month. Oilseed production is projected at 90.1 million tons, down 2.9 million tons. Due to reduced harvest area and yield, soybean production is projected to be at 3 billion bushels, down 105 million bushels.
The harvested area reported in the June 30 acreage report is 1.7 million acres less than the projected June levels. This reduced acreage reflects a below average harvested-to-planted ratio due to flooding and excessive moisture occurring throughout the Midwest during the planting season. Due to delayed planting and crop emergence, soybean yields are projected to be 41.6 bushels per acre, down 0.5 bushels from last month. Reduced exports and crush are partly offsetting lower supplies. Projected 2008-'09 ending stocks are projected to be down 35 million bushels from last month, now projected to be 140 million bushels.
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