Oil Crops Outlook: February 2012

by Mark Ash

Despite a dimmer outlook for South American soybean production, U.S. exports for 2011/12 are expected to be unchanged at 1.275 billion bushels as an anticipated upswing in sales may only narrow a large gap with last year's pace of shipments. Domestic processing margins for soybeans have not appreciably improved, either, so the 2011/12 crush forecast did not change from 1.615 billion bushels. Without changes in forecast U.S. soybean demand, the expectation for season-ending stocks is unchanged at 275 million bushels.

Keywords: Soybean S&D; Soybean meal; soybean oil; cottonseed; cottonseed oil; peanuts; oilseed prices; vegetable meal prices

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