November U.S. Soy WASDE Recap

Nov. 9, 2021

Key Revisions to New Crop (’21/’22) Soy Balance Sheets for November

United States

• ’21/’22

1. 1. 1. U.S. soybean yield revised down by 0.3 bushels/acre to 51.2 bushels/acre — production revised down by 23 million bushels to 4.425 billion bushels (120.4 million metric tons)
      2. Export projection revised down by 40 million bushels (1.1 million metric tons) to 2.050 billion bushels (55.8 million metric tons)
      3. Ending stocks revised up by 20 million bushels to 340 million bushels (9.3 million metric tons)
      4. Market year average price down from $12.35/bushel to $12.10/bushel
      5. Soybean oil carryout up 114 million pounds on higher carry-in

International

• ’21/’22

1. 1. 1. World ending stocks revised down by 0.79 million metric tons to 103.78 million metric tons
      2. World production revised down by 1.1 million metric tons
      3. Argentina harvested area revised down by 500 kHa
      4. Argentina production revised down by 1.5 million metric tons
      5. Argentina ending stocks revised down by 1.1 million metric tons
      6. Brazil exports revised up by 1 million metric tons to 94 million metric tons
      7. China imports revised down by 1 million metric tons to 100 million metric tons
      8. India imports revised up by 100 kilo metric tons
      9. India production revised up by 900 kilo metric tons
      10. India domestic use revised up by 780 kilo metric tons

For a more detailed breakdown of these revisions and their impact, click here for the November 9th U.S. Soy WASDE Recap presentation.