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WASD - Beans

Jun 12, 2012

OILSEEDS: This month’s U.S. soybean supply and use projections for 2012/13 include lower

beginning and ending stocks and reduced use. Lower beginning stocks reflect increased

export and crush projections for 2011/12. Soybean exports for 2011/12 are raised 20 million

bushels to 1.335 billion bushels reflecting increased global import demand, led mainly by

WASDE-507-4

higher projected imports for China. Soybean crush is raised 15 million bushels mostly due to

stronger domestic soybean meal use. Soybean ending stocks for 2011/12 are projected at

175 million bushels, down 35 million. With reduced supplies for 2012/13, soybean exports

are projected at 1.485 billion bushels, down 20 million. Soybean crush is also projected

lower due to reduced domestic soybean meal use. Ending stocks for 2012/13 are projected

at 140 million bushels, down 5 million from last month.

Soybean, meal, and oil price projections for 2012/13 are unchanged this month. The U.S.

season average soybean price is projected at $12.00 to $14.00 per bushel. Soybean meal

and oil prices are projected at $335 to $365 per ton and 52.5 to 56.5 cents per pound,

respectively.

Global oilseed production for 2012/13 is projected at 470.8 million tons, down 0.7 million from

last month, mainly due to lower soybean and cottonseed production. China’s soybean

production is reduced 0.5 million tons due to lower area as producers shift planting decisions

toward corn. Brazil’s cottonseed production is also reduced due to lower area planted to

cotton as world prices have declined in recent weeks. Other changes include reduced

rapeseed production for EU-27, increased rapeseed production for Russia, increased

sunflowerseed production for EU-27, and reduced cottonseed production for Australia and

Egypt. Brazil’s 2011/12 soybean production is increased 0.5 million tons to 65.5 million while

Argentina soybean production is reduced 1 million tons to 41.5 million.

DISCLAIMER: This information is not to be construed as an offer to sell or a solicitation or an offer to buy the commodities herein named. The factual information of this report has been obtained from sources believed to be reliable, but is not necessarily all-inclusive and is not guaranteed as to the accuracy, and is not to be construed as representation by Commodity & Derivative Adv. The risk of trading futures and options can be substantial. Each investor must consider whether this is a suitable investment. Past performance is not indicative of future results. Read Entire Disclaimer.

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