September U.S. Soy WASDE Recap

Key Revisions to New Crop (’21/’22) Soy Balance Sheets for September

United States

• ’21/’22
  1. U.S. yield revised up by 0.6 bushels/acre to 50.6 bushels/acre (3.4 metric tons/hectare)
  2. U.S. harvested area revised down by 0.3 million acres to 86.4 million acres (34.98 million hectares)
  3. 2021 U.S. production revised up by 35 million bushels (0.95 million metric tons)
  4. U.S. 21/22 ending stocks revised up by 30 million bushels (0.82 million metric tons)
  5. Exports revised up by 35 million bushels (0.95 million metric tons)
  6. Crush revised down by 25 million bushels (0.68 million metric tons)
  7. Marketing year average price revised down by 80 cents/bushel to $12.90/bushel
  8. Soybean oil and Soybean meal production down 290 million pounds, 650,000 ST respectively on lower crush
  9. Soybean oil use in biofuels revised down by 500 million pounds; 300 of which moved to food/feed/other industrial
  10. Soybean oil exports revised down by 200 million pounds to 1.25 billion pounds (567,000 metric tons)
  11. Soybean meal marketing year average price revised down by $25/ST to $360/ST

International

• ’21/’22
  1. World ending stocks revised up by 2.7 million metric tons to 98.9 million metric tons
  2. China ending stocks revised up by 2 million metric tons to 35 million metric tons
  3. Bangladesh imports revised up 0.5 million metric tons to 3.2 million metric tons
  4. Bangladesh crush revised up 0.5 metric tons to 3.3 million metric tons
  5. Canada production revised down by 0.2 million metric tons to 6.1 million metric tons

For a more detailed breakdown of these revisions and their impact, click here for the September 10 U.S. Soy WASDE Recap presentation.