USDA raised its forecast of 2014/15 soybean exports 20 million bushels this month to 1.79 billion. Prompted by improving prospects for domestic soybean meal consumption, USDA also forecast the 2014/15 soybean crush up 15 million bushels to 1.795 billion. Coupled with an increase for U.S. soybean imports to 25 million bushels, the stronger demand outlook lowers the forecast of 2014/15 ending stocks by 25 million bushels to 385 million.

Global production of soybeans in 2014/15 is forecast 686,000 metric tons higher this month to 315.1 million. However, with higher U.S. demand, global ending stocks of soybeans are forecast 1.5 million tons lower to 89.3 million. In Argentina, better soybean yield prospects for the earliest sown crops led USDA to raise its 2014/15 production forecast by 1 million tons to 56 million. An improved 2014/15 soybean supply raises the Argentine crush forecast by 1.1 million tons to 39.2 million. In contrast, deterioration of soybean yield prospects for northern and eastern Brazil lowered forecast production for the country this month by 1 million tons to 94.5 million.

Download the USDA ERS Oil Crops Outlook Report - February 2015