The USDA predicts the 2021-’22 outlook for U.S. soybeans is for lower supplies, lower exports, higher crush and higher ending stocks, according to the agency’s latest World Agricultural Supply and Demand Estimates report, released May 12. The use of soybean oil for biofuel production is forecast higher.
The soybean crop is projected at 4.4 billion bushels, up 270 million from last year on increased harvested area and trend yields. With lower beginning stocks, soybean supplies are projected down 3 percent from 2020-’21. Total U.S. oilseed production for 2021-’22 is forecast at 130.3 million tons, up 7.9 million from 2020-’21.