This month’s U.S. soybean supply and use projections for 2016/17 include
lower beginning stocks, higher exports, and lower ending stocks. Lower beginning stocks in
2016/17 reflect higher crush and export projections for 2015/16. Soybean crush for 2015/16
is raised 10 million bushels to 1,890 million reflecting an increase in projected soybean meal
exports. Soybean meal exports are raised in part on commitments through early June.
Soybean exports for 2015/16 are projected at 1,760 million bushels, up 20 million with
reduced soybean production and exports for Brazil and Uruguay. Soybean ending stocks for
2015/16 are projected at 370 million bushels, down 30 million from last month. Ending
stocks for 2016/17 are reduced 45 million bushels to 260 million on lower beginning stocks
and increased exports. Exports are raised with reductions for Brazil and Ukraine.