The US Department of Agriculture estimates domestic 2017-2018 soybean ending stocks at 470 million bushels, an increase of 25 million bushels from December's estimate, data showed Friday.
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Projected soybean production in the USDA's August World Agricultural Supply and Demand and Estimate report fell due to lower yields, the agency said.
The projected season-average price range for soybeans had an unchanged mid-point price of $9.30/bushel, as the USDA projected it at $8.80-$9.80/bu. Soybean oil prices were forecast lower at 31 cents-35 cents/lb.
The soybean crushings estimate rose 10 million bushels to 1.95 billion bushels, due to increased soybean oil production.
The projected soybean oil usage for biodiesel production was unchanged at 7.5 billion lb.
The area planted for soybeans was projected 100,000 acres lower from December's estimate at 90.1 million acres, while the area harvested was unchanged at 89.5 million acres.
The yield per harvested acre was forecast 0.40 bushel lower at 49.1 bushels/harvested acre.
Total soybean supply was projected 32 million bushels lower at 4.718 billion bushels, while exports fell 65 million bushels to 2.16 billion bushels.
The soybean seed use estimate was flat at 106 million bushels, and the residual use projection fell 2 million bushels to 33 million bushels.
Soybean oil ending stocks were projected lower by 80 million lb to 1.536 billion lb. Soybean oil projected production was 20 million lbs higher at 22.525 billion lb.
The beginning soybean oil stocks prediction was unchanged at 1.711 billion lb, while soybean oil imports expectations were unchanged at 300 billion lb.
The estimate for total soybean oil use was 100 million lbs higher at 23 billion lb, while domestic consumption was unchanged at 21.1 billion lb. Exports were static at 1.9 billion lb.