| PUBLISHED
BY SOYBEAN GROWERS FOR THE FEED INDUSTRY |
AUGUST
2007 |
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The August U.S. Department of Agriculture crop
report has been updated with major changes. Weather and market forces
were responsible for farmers planting significantly more corn and fewer
acres soybeans. Corn acres were increased by about twenty percent over
the 2006 acres, resulting in about fifteen percent fewer acres of soybeans.
Growers in Illinois and Iowa showed the largest reduction in soybean acres
compared to last year by reducing soybean plantings by 1.75 and 1.35 million
acres, respectively. Large declines were also seen across the Corn Belt
and Great Plains with planted acreages down more than a million acres
from last year in Indiana, Minnesota and Nebraska. Small increases in
soybean plantings in the Southeast and Northeast were noted, but relatively
insignificant compared to the large reductions in the Midwest.
With soybean yields still to be determined by late summer temperatures,
rainfall and disease/pest induced plant stresses; the final size of the
2007 soybean crop is still unknown, but anticipated to be about fifteen
percent smaller than the 2006 crop. It should be noted that with an ideal
late summer growing conditions and average soybean yields on the trend
lines, soybean supplies could be increased.
The good news for the feed formulator is that the carryover of 2006 soybean
stocks, together with the 2007 soybean production, will provide ample
soybean for the domestic crush. In fact, the estimated soybean crush this
crop year is slightly larger than last year. USDA is anticipating that
the larger soybean crush will result in greater domestic use and exports
of soybean meal. |
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SOYBEAN PRODUCTION DATA |
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| Crop
Year (*) |
|
2006/07(**) |
2007/08(***) |
%
Change |
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| Acres Planted
(million acres) |
75.5 |
|
64.1 |
|
-15.1 |
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| Acres Harvested
(million acres) |
74.6 |
|
63.3 |
|
15.1 |
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| Yield (bushels/acre) |
42.7 |
|
41.5 |
|
-2.8 |
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| SOYBEAN
SUPPLY AND USE (Million of bushels) |
 |
| Beginning
Stocks |
449 |
|
575 |
|
+28.1 |
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| Production |
3,188 |
|
2,625 |
|
-17.7 |
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| Imports |
4 |
|
4 |
|
0.0 |
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| Total Supply |
3,642 |
|
3,205 |
|
-12.0 |
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| Crush |
1,785 |
|
1,800 |
|
+0.8 |
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| Exports |
1,100 |
|
1,020 |
|
-7.3 |
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| Seed and
Residue |
171 |
|
164 |
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-4.1 |
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| Total Use |
3,066 |
|
2,985 |
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-2.7 |
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| SOYBEAN
MEAL PRODUCTION AND USE (Million short tons) |
| Beginning
Stocks |
0.314 |
|
0.300 |
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-4.5 |
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| Production |
42.521 |
|
42.835 |
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+0.7 |
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| Imports |
0.165 |
|
0.165 |
|
0.0 |
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| Total Supply |
43.000 |
|
43.300 |
|
+0.7 |
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| Domestic
Use |
34.150 |
|
34.600 |
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+1.3 |
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| Exports |
8.550 |
|
8.250 |
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-3.5 |
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| Total Use |
42.700 |
|
43.000 |
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+0.7 |
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| Average
[roce ($/ton) |
$205. |
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$200-230. |
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(*) Marketing
year beginning September 1 for soybeans; October 1 for meal.
(**) Estimate
(***) Projection |
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Reference: U.S.D.A. Economic Research Service, World
Agricultural Supply and Demand Estimates; WASDE-449, August 10, 2007
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