The US Department of Agriculture is projecting domestic 2013-2014 soybean production to total 3.289 billion bushels, unchanged from the January estimate, data showed Monday.
Projected soybean supplies in the USDA's February World Agricultural Supply and Demand and Estimate report, were stable, while only the imports total was changed from the January report.
Soybean imports rose by 5 million bushels to 30 million bushels, alongside a 5 million bushel boost in total soybean supply to 3.459 billion bushels. Exports gained 15 million bushels to 1.51 billion bushels.
The soybean crushings was stable at 1.7 billion bushels, and the projected soybean oil usage for biodiesel production was also unchanged at 5.2 billion lbs, despite the expiration of the $1/gal blenders tax credit, which lowered production significantly in January, sources said.
The projected season-average price range for soybeans had a higher mid-point price of $12.70/bushel, as the USDA projected it at $11.95-13.45/bushel. Soybean oil prices, on the other hand, are forecast 1.5 cents lower at $0.3450-0.3750/lb.
The area planted for soybeans was projected stable at 76.5 million acres, and the area harvested estimate was steady at 75.9 million acres.
The yield per harvested acre was forecast unchanged at 43.3 bushels/harvested acre.
The soybean seed use estimate was flat at 87 million bushels, and the residual use projection was 10 million bushels lower at 12 million bushels.
Soybean oil ending stocks was unchanged at 1.745 billion lbs. Soybean oil projected production was also steady at 19.84 billion lbs, while the beginning soybean stocks prediction was left at 1.705 billion lbs.
The estimate for total soybean oil use was unchanged at 20 billion lbs, while domestic consumption was stable at 18.55 billion lbs.
Exports were unchanged at 1.45 billion lbs, and the feed and residual use for soybean oil prediction was also unchanged at 13.35 billion lbs.
