The USDA maintained its 2023-’24 forecast for soybean oil use in biofuel manufacturing in its newest World Agricultural and Provide Estimate report, launched Nov. 9. The company’s estimate for 2022-’23 soybean oil use in biofuel manufacturing was revised up.
The USDA stated its present 2023-’24 soybean outlook is for elevated manufacturing and ending shares. Soybean manufacturing is forecast at 4.13 billion bushels, up 25 million on larger yields. The biggest manufacturing adjustments are for Wisconsin, Tennessee, North Dakota, South Dakota and Ohio.
The USDA at present expects 12.8 billion kilos of soybean oil to go to biofuel manufacturing for 2023-’24, a forecast maintained from the October WASDE. The company revised its estimate for 20222-’23 soybean oil use in biofuel manufacturing to 12.4 billion kilos, up from 12.1 billion kilos as estimated final month. Soybean oil use in biofuel manufacturing as at 10.379 billion kilos for 2021-’22.
With crush and exports unchanged, soybean ending shares are raised to 245 million bushels. The U.S. season-average soybean worth for 2023-’24 is forecast at $12.90 per bushel, unchanged from final month. The soybean oil worth is decreased 2 cents to 61 cent per pound, whereas the soybean meal worth is unchanged at $380 per quick ton.
The worldwide 2023-’24 soybean provide and demand forecast consists of decrease starting shares, larger manufacturing, larger crush and decrease ending shares. Starting shares are decreased 1.6 million tons, reflecting offsetting back-year steadiness sheet revisions for China and Brazil. China’s starting shares are decreased on decrease soybean imports for 2021-’22 and 2022-’23 and better crush for 2022-’23. Conversely, Brazil’s starting shares are elevated on a bigger 2022-’23 crop of 158 million tons attributable to higher-than-expected use to this point.
World 2023-’24 soybean manufacturing is raised 900,000 tons to 400.4 million, primarily on larger manufacturing for Russia, Ukraine and the U.S. World soybean crush is raised on larger crush for China and Russia. World soybean ending shares are decreased 1.1 million tons as larger shares for Brazil and the U.S. are greater than offset by decrease shares for China.
