Friday’s world crop supply and demand update brought an expected increase to 2020/21 U.S. soybean exports, which USDA offset by tinkering with other use numbers, leaving ending stocks unchanged from the February and March estimates.
USDA attributed the 30 million bushel increase in exports, now projected at 2.28 billion bushels, to record shipment volumes during the first half of the season. Generally, the industry expects the export pace to slow down considerably for the rest of the year.
USDA lowered 2020/21 crush by 10 million bushels, to 2.19 billion, citing excellent oil and meal yields as one reason for the adjustment and lower domestic demand for meal as another. The decrease in domestic meal use from the March estimate was modest, and 2020/21 use is still seen being up 1 percent from 2019/20, in line with the year-over-year growth USDA estimates for crush.