Supply

Soybean Fast Facts from the August WASDE Report

Analyst John Baize breaks down the U.S. Department of Agriculture’s (USDA) World Agriculture Supply and Demand Estimate (WASDE) report that was released on August 12, 2019.

2018/19

  • U.S. soybean crush was reduced by 20 million bushels to 2.065 billion bushels.
  • U.S. soybean ending stocks were increased by 20 million bushels to 1.07 billion bushels
  • U.S. soymeal exports were reduced from 12.61 million metric tons (MMT) to 12.29 MMT
  • U.S. soymeal consumption was reduced from 32.48 MMT to 32.39 MMT
  • U.S. soy oil consumption was reduced from 10.34 MMT to 10.25 MMT based on a 100,000 pound reduction in use for biodiesel production.
  • Global soybean stocks on August 31, 2019 were increased from 112.98 MMT to 114.53 MMT.
  • China’s soybean imports were reduced from 85 MMT to 83 MMT.
  • Argentina’s soybean exports were reduced from 8.75 MMT to 7.75 MMT.

2019/20

  • U.S. soybean planted area was reduced from 80 million acres to 76.7 million acres. Harvested soybean area was reduced from 79.3 million acres to 75.9 million acres
  • U.S. soybean production was reduced from 3.845 billion bushels (104.64 MMT) to 3.38 billion bushels (100.16 MMT).
  • U.S. soybean exports were reduced from 1.875 billion bushels (51.03 MMT) to 1.775 billion bushels (48.31 MMT) based on a smaller crop.
  • U.S. soymeal exports were increased from 12.34 MMT to 12.43 MMT.
  • U.S. soybean ending stocks were reduced from 795 million bushels (21.63 MMT) to 755 million bushels (20.54 MMT).
  • China’s soybean imports were reduced from 87 MMT to 85 MMT based on African Swine Fever.
  • Global soybean use was reduced from 355.06 MMT to 354.32 MMT.
  • Global soybean imports were reduced from 150.82 MMT to 148.87 MMT.
  • Global soymeal consumption was reduced from 237.9 MMT to 236.86 MMT.
  • India’s soybean production in 2019 was reduced from 10.9 MMT to 10.3 MMT.
  • Brazil’s soybean exports were increased from 76 MMT to 76.5 MMT, based on less competition from the U.S.
  • Global soybean ending stocks on August 31, 2020 were reduced from 104.53 MMT to 101.74 MMT.
  • EU rapeseed production was reduced from 18.7 MMT to 18 MMT. That would be down from 20.061 MMT in 2018 and 22.171 MMT in 1997.
  • Global growth in soybean consumption in 2019/20 is forecasted at only 7.7 MMT, down from 8.13 MMT in 2018/19.
John Baize
John Baize

President

John Baize and Associates

Analyst John Baize leverages his 38 years of working the global market on behalf of soybeans and other farm products to predict trends and growth.