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WASDE: Soyoil Opening Stocks In 2019/20 To Rise On Lower Biodiesel Use

12 Jun 2019 9:20 am
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MUMBAI (Commoditiescontrol) - US soyoil ending stocks will reach 1.95 million pounds at the end of the current marketing year, the USDA said Tuesday, 4.5% more than its previous projection as demand from the biodiesel sector wanes.

Soyoil use for biodiesel will be 8.2 million pounds, 2%, or 150,000 pounds lower than the USDA projected in May.

With the USDA's production, exports and import projections static for the current and next marketing year, that 150,000-pound increase in stocks will also feed into ending stocks next year, which are forecast to reach 1.54 million pounds.

On the meal side, US imports for the 2019/20 marketing year were increased to 500,000 short tonnes, as the domestic crush yields less meal with output estimated a touch lower at 49.65 million short tonnes.

The USDA only tweaked the US balance sheet in the June’s WASDE edition leaving most other figures on the global balance sheet unchanged for both soymeal and oil.

(By Commoditiescontrol Bureau)

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