October U.S. Soy WASDE Recap

Oct. 12, 2021

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

United States

• ’21/’22

1. 1. 1. U.S. soybean yield revised up by 0.9 bushels/acre to 51.5 bushels/acre. Production revised up by 74 million bushels to 4.448 billion bushels (121 million metric tons).
      2. Carry-in revised up by 81 million bushels (2.2 million metric tons) on upward revision to 2020 yields.
      3. Ending stocks revised up by 135 million bushels to 320 million bushels (8.7 million metric tons) on upward revisions to 2020 and 2021 yields. Days inventory up to 26.6 days from 15.4 in September estimate.
      4. U.S. crush revised up by 10 million bushels. Soybean oil production revised up by 115 million pounds; soybean meal production revised up by 250,000 short ton.
      5. Domestic soybean meal use revised up by 300,000 short ton.
      6. Domestic soybean oil ending stocks revised up by 320 million pounds on higher carry-in and production.
      7. Marketing year average whole soybean price revised down by 55 cents/bushel to $12.35/bushel.
      8. Marketing year average soybean meal price revised down by $35/short ton to $325/short ton.

International

• ’21/’22

1. 1. 1. World ending stocks revised up by 5.68 million metric tons to 104.57 million metric tons.
      2. World production revised up by 717 million metric tons.
      3. Argentine production revised down by 1 million metric tons on lower harvested area.
      4. Argentine crush revised down by 1 million metric tons to 42 million metric tons.
      5. China ending stocks revised up by 925 metric tons on higher carry-in.
      6. Argentine soybean oil production revised down by 200 metric tons.
      7. Argentine soybean meal production revised down by 400 metric tons.
      8. Philippines soybean meal imports revised up by 200 metric tons.

For a more detailed breakdown of these revisions and their impact, click here for the October 12th U.S. Soy WASDE Recap presentation.