USDA Soybean Supply-Demand Outlook - April 2018



                            U.S. Soybean and Product Supply and Use
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                               2015/16  2016/17 Est. 2017/18 Proj. 2017/18 Proj.
Item                                                           Mar           Apr
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                                                 Million Acres
SOYBEANS
Area Planted                      82.7          83.4          90.1          90.1
Area Harvested                    81.7          82.7          89.5          89.5
                                                  Bushels
Yield per Harvested Acre          48.0          52.0          49.1          49.1
                                                Million Bushels
Beginning Stocks                   191           197           302           302
Production                        3926          4296          4392          4392
Imports                             24            22            25            25
  Supply, Total                   4140          4515          4718          4718
Crushings                         1886          1901          1960          1970
Exports                           1942          2174          2065          2065
Seed                                97           105           106           103
Residual                            18            34            33            30
  Use, Total                      3944          4213          4163          4168
Ending Stocks                      197           302           555           550
Avg.FarmPrice ($/bu)              8.95          9.47     9.00-9.60     9.10-9.50
                                                Million Pounds
SOYBEAN OIL
Beginning Stocks                  1855          1687          1711          1711
Production 4/                    21950         22123         22640         22755
Imports                            287           319           300           300
  Supply, Total                  24092         24129         24651         24766
Domestic Disappearance           20162         19862         21000         20800
   Biodiesel                      5670          6200          7200          7000
   Food, Feed & other
   Industrial                    14492         13661         13800         13800
Exports                           2243          2556          1900          2000
   Use, Total                    22405         22418         22900         22800
Ending stocks                     1687          1711          1751          1966
Avg. Price (c/lb)                29.86         32.48   30.00-33.00   30.50-32.50
                                               Thousand Short Tons
SOYBEAN MEAL
Beginning Stocks                   260           264           401           401
Production                       44672         44787         46299         46549
Imports                            403           349           300           400
  Supply, Total                  45336         45400         47000         47350
Domestic Disappearance           33118         33399         34300         34550
Exports                          11954         11601         12400         12500
  Use, Total                     45072         45000         46700         47050
Ending Stocks                      264           401           300           300
Avg. Price ($/s.t.)             324.56        316.88 325.00-355.00 340.00-360.00
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