Each month,the Oil Crops Outlook analyzes the major changes and events in the world market for oilseeds and oilseed products.
USDA raised 2012/13 forecasts for both U.S. exports and imports of soybean meal by 100,000 short tons this month to 8.9 million and 350,000 tons, respectively. USDA trimmed 2012/13 average price forecasts for soybean oil to 48.5-51.5 cents per pound and for soybean meal to $425-$445 per short ton.
Based on crop stress in January and February, Argentine soybean production for 2012/13 was forecast 1.5 million metric tons lower this month to 51.5 million. In addition, a reduced 2012/13 crush is forecast to curtail Argentine soybean meal exports by 1 million tons to 27 million. Similarly, lower supplies are expected to reduce Argentine soybean oil exports this month by 200,000 tons to 3.95 million.
