March 2021 WASDE

March 9, 2021 | Bethany Baratta

U.S. soybean supply and use projections for 2020/21 are mostly unchanged this month, according to the USDA’s World Agricultural Supply and Demand Estimates (WASDE) report released today.

With soybean crush and exports projected at 2.20 billion bushels and 2.25 billion bushels, respectively, ending stocks remain at 120 million bushels, down 405 million from last year’s record. The U.S. season-average soybean price is projected at $11.15 per bushel, unchanged from last month. Although current cash prices are significantly higher, USDA noted prices received through January have averaged just over $10.00 per bushel, reflecting forward pricing at lower prices.

U.S. soybean meal prices are also unchanged at $400.00 per ton, according to the report.

The soybean oil price is forecast at 41 cents per pound, up 1 cent from last month.

Soybean production for Brazil is raised 1 million tons to 134 million, reflecting a revision to the 2019/20 crop and this season’s expected yield trend. India’s soybean production is raised 0.2 million tons to 10.7 million based on updated government area data. Conversely, Argentina’s soybean production is reduced 0.5 million tons to 47.5 million due to dry weather conditions over the past month.

Global soybean crush is forecast up 1.6 million tons to 323.6 million as higher crush for Argentina and Brazil is partly offset by lower crush for China. Higher crush in Argentina results in higher meal and oil exports. Soybean crush for China is lowered 1 million tons to 98 million based on data to date. Global soybean stocks are slightly higher, with increased stocks for China and Brazil that are mostly offset by lower stocks for Argentina.

The USDA’s prospective plantings report, set for release on March 31, will look at U.S. farmers’ planting intentions this year. 

Read the full report.

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