Oil Crops Outlook. U.S. Exports are Withstanding Higher Soybean Costs

摘要

This month, the U.S. Department of Agriculture (USDA) raised its forecast for 2007/08 soybean exports by 10 million bushels to 1.005 billion. Stable export demand for both soybean meal and soybean oil contributed to an increase in the 2007/08 crush forecast by 5 million bushels to 1.835 billion. Soybean ending stocks would fall to 160 million bushels, their lowest since 2003/04. Strengthening competition from exports and rising costs for soybean oil lowered the 2007/08 consumption forecast for methyl esters (biodiesel) from 3.8 billion pounds to 3.4 billion pounds.