The USDA maintained its 2020-’21 forecast for soybean oil use in biodiesel in its latest World Agriculture Supply and Demand Estimates report, released Dec. 10. The forecast for soybean crush was increased, with the outlook for ending stocks lowered.
The forecast for soybean area harvested is unchanged at 82.3 million acres. The outlook for yield per harvested acre is also maintained at 50.7 bushels, while production is expected at 4.17 billion bushels. Soybean crush for 2020-’21 is increased 15 million bushels to 2.195 billion on strong crush margins and record early-season crush. With exports unchanged, soybean ending stocks for 2020-’21 are projected at 175 million bushels. If realized, ending stocks would be the lowest since 2013-’14.