Home / Commodities / Freight News / US soybean export projection for 2018-19 reduced by 75 million bushels: USDA

US soybean export projection for 2018-19 reduced by 75 million bushels: USDA

The total estimated US soybean exports for the 2018-19 crop year saw a 75 million-bushel decline from May in the US Department of Agriculture’s June World Agriculture Supply and Demand Estimates report released.

The report showed few adjustments for soybeans from the May report. The 75 million-bushel reduction in 2018-19 exports increased the estimated ending stocks by the same amount for both the 2018-19 and 2019-20 crop years. Total ending stocks numbers for both years have now pushed above the billion bushel mark with old crop updated to 1.07 billion bushels and new crop at 1.045 billion bushels.
The lower export estimate was based on low May shipments and a lower import forecast for China, according to the USDA.
Prior to the release of the report there was speculation that the USDA would factor in a reduction to US acreage and yield estimates due to the historically slow planting pace. However, both were left unchanged with planted acres at 84.6 million and yield at 49.5 bushels per acre.

Totals for the soybean global 2019-20 ending stocks were lowered 430,000 mt to 112.66 million mt. The lower ending stocks were a result of changes to the 2018-19 balance sheet that reduced the new crop beginning stocks. The increase to US ending stocks was offset by lower carry out in Argentina caused by an increase in 2018-19 export estimates and a 1 million mt reduction to Chinese import estimates, according to the report.
Source: Platts

Recent Videos

Hellenic Shipping News Worldwide Online Daily Newspaper on Hellenic and International Shipping