U.S. Soybean and Products Supply and Use -- May 2007

        U.S. Soybeans and Products Supply and Use (Domestic Measure) 1/
===============================================================================
                           :         :         :      2007/08  Projections
        Item               : 2005/06 : 2006/07 :===============================
                           :         :   Est.  :                         May
===============================================================================
SOYBEANS:                  :               Million acres
Area                       :                            
  Planted                  :   72.0       75.5                          67.1 *
  Harvested                :   71.3       74.6                          66.1 *
                           :
                           :                   Bushels
Yield per harvested        :
    acre                   :   43.0       42.7                          41.5 *
                           :
                           :             Million bushels
                           :
Beginning stocks           :    256        449                           610
Production                 :  3,063      3,188                         2,745
Imports                    :      3          4                             4
  Supply, total            :  3,322      3,642                         3,359
Crushings                  :  1,739      1,770                         1,790
Exports                    :    947      1,080                         1,080
Seed                       :     93         83                            85
Residual                   :     94         99 _3/                        84
  Use, total               :  2,873      3,032                         3,039
Ending stocks              :    449        610                           320
Avg. farm price ($/bu) 2/  :   5.66       6.30                   6.50 - 7.50
                           :
                           :
                           :               Million pounds
SOYBEAN OIL:               :
Beginning stocks           :  1,699      3,019                         2,954
Production                 : 20,393     20,055                        20,315
Imports                    :     35         30                            35
  Supply, total            : 22,127     23,104                        23,304
Domestic                   : 17,955     18,650                        19,700
  For methyl ester 4/      :  1,557      2,550                         3,800
Exports                    :  1,153      1,500                         1,425
  Use, total               : 19,108     20,150                        21,125
Ending stocks              :  3,019      2,954                         2,179
Average price (c/lb) 2/    :  23.41      29.50                         29.50-
                           :                                            33.50
                           :
                           :           Thousand short tons
SOYBEAN MEAL:              :
Beginning stocks           :    172        314                           300
Production                 : 41,242     41,921                        42,585
Imports                    :    141        165                           165
  Supply, total            : 41,555     42,400                        43,050
Domestic                   : 33,176     33,750                        34,350
Exports                    :  8,064      8,350                         8,400
  Use, total               : 41,241     42,100                        42,750
Ending stocks              :    314        300                           300
Average price ($/s.t.) 2/  : 174.17     195.00                        185.00-
                           :                                           215.00
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Note: Reliability calculations at end of report.  
1/ Marketing year beginning September 1 for soybeans; October 1 for soybean oil
and meal.  2/ Prices: soybeans, marketing year weighted average price received 
by farmers; for oil, simple average of crude soybean oil, Decatur; for meal,
simple average of 48 percent, Decatur.  3/ Supply estimates and reported use
through March 1, coupled with USDA's March 1 stocks estimate, indicate an
above-average residual.  4/ Soybean oil used for methyl ester for production of
biodiesel as reported by the Department of Commerce.  *Planted acres are
reported in the March 30 Prospective Plantings.  Harvested acres based on
5-year average planted to harvested ratios by state.  Projected yield based on 
1989-2006 regional trend analysis.