March 2021 WASDE: Record Export Projections for Soy Maintained

Market analysts provide an exclusive look at USDA’s March 2021 WASDE and what it means for U.S. Soy.

The U.S. Soybean Export Council hosted its exclusive World Agricultural Supply and Demand (WASDE) briefing on March 9. The WASDE is a monthly report published by the United States Department of Agriculture (USDA) providing a comprehensive forecast of supply and demand for major crops, both globally and in the United States.

Traders, farmers and soy processors around the world refer to WASDE as an indicator of where supply and demand, and ultimately the price of soybeans may go. As in months past, Mac Marshall, Vice President of Market Intelligence for USSEC and the United Soybean Board, provided an inside look at what this month's numbers mean for U.S. Soy.

 

This month, there were no changes to the whole soybean balance sheet, and the record export projection of 2.25 billion bushels was maintained.

“The U.S. remains on pace for a banner export year,” Marshall said.

He also noted domestic soybean oil use was up 200 million pounds, while soybean oil exports were down 150 million pounds. The price per pound was revised accordingly.