Soybeans and Oil Crops, December 2017 (summary)
Disappointing 2017/18 Soybean Sales Lead To Lower Export Forecast
USDA trimmed the 2017/18 soybean export forecast 25 million bushels this month to 2.225 billion as sales commitments and shipments have continued to lag. Coupled with an increase for seed use, a lowering of the export forecast is seen raising 2017/18 ending stocks by 20 million bushels to 445 million. The expected U.S. season-average farm price is narrowed to $8.60-$10.00 per bushel from last month’s forecast of $8.45-$10.15.
Brazil’s soybean exports for 2017/18 are forecast up 500,000 metric tons this month to 65.5 million based on larger shipments in the fall quarter. Likewise, Argentine soybean exports for 2017/18 are forecast up 500,000 tons this month to 8.5 million, versus 7 million in 2016/17.