WASHINGTON, Feb 22 (Reuters) - The
U.S. soybean crop will be a record 3.405 billion bushels this year, a dramatic
13 percent increase from 2012's drought-hit crop that will allow larger U.S.
crushings and exports while rebuilding stocks, said the Agriculture Department
on Friday.
At its annual Outlook Forum, USDA
forecast end stocks for 2013/14 of 250 million bushels, double the amount
expected at the end of this marketing year and the largest stocks since
2006/07.
With the larger crop, soybean use
was forecast to rise by 3 percent. Crushings would climb to 1.66 billion
bushels and exports to 1.5 billion bushels. Soymeal exports were forecast to
grow by 4 percent on stronger demand in Europe and Southeast Asia.
Soyoil exports would plunge by 43
percent, however, to 1.3 billion pounds due to tightening U.S. supplies,
allowing Brazil and Argentina to dominate trade, said USDA.
Domestic use of soyoil was projected
to rise by 0.6 percent in 2013/14, supported by a higher U.S. target, at 1.28
billion gallons, for biodiesel use.
"The use of soybean oil for
U.S. biodiesel production is projected at 5.2 billion lbs - up 300 million from
2012/13," said USDA. "At this level, soybean oil accounts for just
over half of expected U.S. biodiesel production."
Larger use of soyoil for biodiesel
would be offset by a 1.5 percent decline in soyoil in food.
USDA said the record crop would be
grown on 77.5 million acres, matching the record for plantings. The record
soybean crop now is 3.359 billion bushels in 2009.
Following are USDA's projections for
production and use in the 2013/14 marketing year with comparisons to USDA
estimates for 2011/12 and 2012/13.
U.S. soybean production and demand (in millions of bushels)
