Market Outlook

 

Oil Crops Outlook: March 2021

Summary

 

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.