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October 2001 Edition
South American Soybean and Soybean Meal Exports to Increase
Global soybean and soybean meal exports estimates for 2001/02 were increased by 1,773 and 558 thousand tons respectively this month. The estimates of U.S. soybean and soybean meal exports were reduced due to increased competition from Brazil and Argentina. If these estimates materialize, combined South American (Brazil, Argentina, and Paraguay) soybean exports in 2001/02 will be larger than those of the United States for the first time in history. Estimated soybean production for 2001/02 was increased for Brazil, Argentina and the United States. South American production was increased 5.1 percent this month to 71.9 million tons, and U.S. production was increased by 2.6 percent to 79.1 million tons. The increase in Brazilian production is mostly due to an increase in area that is partly caused by producers switching into soybean production and out of cotton and corn production. Larger South American exports are expected to partly displace U.S. exports. Much of the increased soybean trade is going to the European Union, where estimated 2001/02 soybean imports were raised 600 thousand tons. Global soybean ending stocks are expected to reach 29.0 million tons, up from 26.2 million tons last month and estimated 2000/01 ending stocks of 28.5 million tons. Projected U.S. soybean ending stocks were increased by almost 2.5 million tons to 9.4 million tons.
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Approved by the World Agricultural Outlook Board/USDA
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