Oil Crops Outlook: March 2021
Tight Domestic Stocks Shifts Market Focus to South American Soybean Crop
With U.S. soybean crush and exports at record levels through the first five months of the 2020/21 marketing year, USDA maintains tight season-ending soybean stocks of 120 million bushels. As U.S. supplies decline seasonally, the progress of the South American harvest comes into greater focus. USDA forecasts a record Brazilian soybean crop at 134 million tons, up 1 million from the previous forecast. However, with a slow start to the planting season and harvest delays due to excessive rainfall, soybean exports from Brazil are off to a slow start.
See the Oil Crops Outlook.