OIL CROPS OUTLOOK                                              July 14, 1997
            Approved by the World Agricultural Outlook Board
------------------------------------------------------------------------------
OIL CROPS OUTLOOK is a monthly report issued electronically by 
the Economic Research Service, U.S. Department of Agriculture, 
Washington, DC 20005-4788.  No printed copies are available.  
OCS-0797.  
------------------------------------------------------------------------------

Soybean Plantings Soar to 15-Year High

In 1997, U.S. farmers planted an estimated 70.9 million acres of soybeans, 6.6
million more than in 1996/97.  This would be the third-largest area planted on
record and the first time in history that U.S. planted acreage for soybeans
have exceeded wheat area.

Despite a moderation in soybean area from March intentions in Illinois,
Nebraska, and Arkansas, most States had higher plantings, raising total U.S.
acreage 2 million acres above intentions.  Every State will have more soybean
area this year, with the single exception of Ohio, which held steady to its
1996 record acreage.  Iowa, again the top soybean producing State, will plant 1
million more acres than in 1996.  The higher soybean acreage comes mostly at
the expense of corn, wheat, and sorghum.  Soybeans also benefitted from delays
in planting cotton in the Delta region.  While it was previously apparent that
farmers in the West Corn Belt intended to plant record acreage, the same strong
response was less expected from the East Corn Belt.  Very strong prices, the
absence of acreage set aside programs, modifications of farm rotations to
include more soybeans, and optimum planting conditions led to this surge in
soybean production.  reduced winter wheat acreage will curtail double-cropped
soybean area, which tends to have a lower average yield.

Although far from made, most of the soybean crop heads into the summer in very
good shape with adequate soil moisture reserves.  As of July 6, 68 percent of
soybeans were rated in good to excellent condition, and almost all States had
at least a majority in these top two classifications.  While currently only in
the early blooming stage, soybean conditions are generally better than they
were a year ago but not quite as good as in 1994, the previous record crop. 
With a harvested acreage estimate of 69.8 million acres, total production is
expected to reach a record 2,690 million bushels.  This would surpass the
1996/97 harvest by more than 300 million bushels, which was the second-largest
crop to date.

Soybean prices sagged in June as excellent growing conditions prevailed.  The
bumper harvest suggested by the June 30 Acreage report sent new crop soybean
futures tumbling further, which are now below $6.00 per bushel for November
delivery.  The 1997/98 season average farm price is expected to range $5.40-$6.60 
per bushel.  Despite projections for solid growth in demand, the bumper
harvest will boost carryout stocks to 285 million bushels, a 128-percent
increase.  The ample domestic supply will remove most incentives for importing
soybeans in 1997/98, which will revert to the more typical level of 5 million
bushels.

Record soybean exports of 930 million bushels (surpassing the previous high of
929 million in 1981/82) are forecast for 1997/98.  As of June 26, export sales
of soybeans for 1997/98 totaled 121 million bushels.  This is a very fast pace
for this date (80 percent above last year's sales), and may soon accelerate
given better information about the potentially huge new U.S. crop.  Export
volumes this fall are likely to set monthly records.  Brisk demand for soybean
products will also push domestic crush and production of soybean meal and oil
well above their 1996/97 records.

The Hogs and Pigs report pegged the June 1 U.S. hog inventory at 58.2 million
head, 2 percent above a year earlier.  Expansion of the breeding herd is
continuing as more sows and gilts are being retained from current slaughter.  
Despite this, the breeding herd was only 1 percent higher than last year, and
the expansion would seem to be developing slower than expected.  This spring's
pig crop was just 2 percent higher than last year.  On the other hand, a more
positive note in the report for future feed consumption indicates that
June-November farrowing intentions are up 6 percent from the previous year. 
Current feed price ratios for hogs (less so for poultry) have dramatically
improved from a year ago.  Declining soybean meal prices will accentuate this
trend in coming months, as they are forecast to drop from an average $262 per
ton this season to $190-$215 in 1997/98.  The forecast for domestic soybean
meal disappearance for 1997/98 was raised to 28.1 million short tons this
month.  The 3.6-percent increase in 1997/98 disappearance would be double the
yearly growth rate of the previous year.

The large potential vegetable oil supply will keep a lid on 1997/98 soybean oil
prices, expected to range 21.0-24.5 cents per pound.  At this level, U.S.
soybean oil exports would be quite competitive, boosting them to 2,050 million
pounds.  

Sunflower, Minor Oilseed Acreage Rebound

U.S. sunflower acreage is also greater this season, although less than
initially indicated from the March intentions report.  U.S. farmers planted
2.92 million acres, up 14 percent from 1996.  Non-oil type sunflower acreage is
a record high 628,000 acres.  Virtually all of the area increase was in North
Dakota.  But with a yield closer to trend, 1997/98 sunflowerseed production
should be about 3.6 billion pounds, little changed from 1996/97.  Falling
prices (under pressure from higher supplies of soybeans and sunflowerseed) will
enhance domestic crush and exports of sunflowerseed.  Stable prices for
sunflower oil should recapture foreign markets for oil exports that are
expected to reach about 575 million pounds.  Growing consumption in the Mexican
and Turkish markets represent opportunities for greater 1997/98 U.S. sunflower
oil sales.

The upward trend in U.S. canola acreage resumes after last season's downturn. 
Canola plantings for 1997 are estimated at 733,000 acres, double 1996's 366,000
acres.  Expanding domestic supplies will curb the appetite for 1997/98 canola
seed imports from Canada.  Plantings of flaxseed surged 58 percent to 152,000
acres.  A more modest 9 percent increase in safflower acreage, to 263,000
acres, was also reported.

High Prices To Boost 1997/98 World Supplies of Oilseeds 

After stagnating this year, world oilseed production is expected to climb
nearly 7 percent in 1997/98, to 275.2 million metric tons.  Projected foreign
oilseeds production would rise 4 percent to 192.1 million tons, compared with
an 11-percent increase in U.S. oilseeds output to 83.1 million tons.  Strong
Asian demand should elevate world trade in oilseeds by 6 percent to 49.1
million tons.  Oilseeds prices will ease as world stocks rebuild from a quite
tight 16.6 million tons to 22.4 million.

Gains in soybean production account for 89 percent of the expected increase in
1997/98 global oilseeds production.  World soybean production is projected to
increase 11 percent to 146.7 million tons.  The United States, Brazil, and
Argentina account for more than 80 percent of the year-to-year growth in
output.  Consequently, these three countries will also share nearly the same
proportion of the 5-percent increase in world soybean trade.  Even with a
dynamic crush market, global soybean stocks would be restored to about 19.1
million tons.

For 1997/98, Brazilian soybean area is projected to expand 7 percent to 12.6
million hectares.  Currently, farmers are basking in a climate where they are
receiving very high prices on a record output.  These profits will provide the
capital for opening virgin land, particularly in the Center-West, to
cultivation next year.  Improvements in internal transportation infrastructure
makes farmland in these remote areas more viable.  Purchases of farm machinery
and other inputs will also swell.  Seed demand has been unusually advanced so
soon after the previous harvest.  The debt situation for smaller producers will
get better, as interest rates will be lowered and borrowing levels increased
for government loans on 1997/98 crops.  Higher area is expected to push 1997/98
production to a record 28.0 million tons.

Argentine 1997/98 soybean production is expected to increase to 13.9 million
tons as yields recover from this season's prolonged drought.  If dry weather
persists into August, winter wheat seeding will remain stalled and reduce
planting of second-crop soybeans.  If it stays too dry to plant wheat, more
first-crop soybeans may be planted.  With substantial recent investments in
crushing capacity, the rebound in Argentine soybean exports will be constrained
around the 1995/96 level of 2.0 million tons.  This would be well below
Argentine export volumes of the early 1990's.

With a 9-percent area increase, China's 1997/98 soybean production is
anticipated to increase to 14.5 million tons.  The main soybean growing regions
of Manchuria have received adequate rainfall so far, but dry weather has
stressed secondary areas in the North China Plain.  However, this level of
domestic output would not be enough to stanch the trade flow, as booming demand
for protein meal and vegetable oil are projected to require soybean imports of
2.25 million tons.

Despite an erratic start, fears about a failure of the southwest monsoon in
India were eased by late June and early July rainfall on the major soybean
producing regions of central India.  The rains assured enough soil moisture to
complete soybean planting.  Adverse harvest weather that cut India's 1996
production to 4.1 million tons is not expected to reoccur.  India's 1997
production is forecast to rise to 4.5 million tons.

Moderately growing vegetable oil consumption and virtually flat protein meal
consumption in Japan will create slightly better crush margins for rapeseed
than soybeans next year.  This would trim Japanese 1997/98 imports of soybeans
to 4.7 million tons from 4.8 million this year. 

After this year's decline, abundant European and Canadian rapeseed production
will turn around global output in 1997/98, which is expected to total 33.2
million tons.  Little growth in the 1997 Chinese rapeseed output is forecast,
staying near last year's 9.2 million tons.  Steady area and trend yields
slightly reduce Indian projected production from 6.3 million tons to 6.2
million.  While not back to the 1995/96 level, world rapeseed trade will
benefit from the larger surpluses in exporting countries.

Production of rapeseed in the European Union (EU) will bounce back to 8.1
million tons in 1997/98, which is a little less than the record 1995/96
outturn.  France's 1997 production of rapeseed will climb to 3.0 million tons
on account of much higher area.  But French yields will moderate from the near
ideal 1996 conditions.  Germany is forecast to rebound from a harsh winter that
depressed the 1996 harvest and increase production this year 52 percent to 2.8
million tons.  The 1997 German rapeseed harvest is just beginning and is
reported in good condition.  Based on a very large area planted, the 1997
United Kingdom production is also headed for another record.

In Eastern Europe, rapeseed production will suffer its second consecutive bad
year because of fewer plantings and poor yields.  Severe winterkill damaged
over half of rapeseed area in Poland last winter.  With minimal spring sowings,
1997 harvested area should be reduced to just 220,000 hectares, the smallest
since 1979.  In addition, recent flooding has threatened crops in Poland and
the Czech Republic, although the extent of that potential damage is still
unclear.  Another poor rapeseed harvest, well below crush demand near 0.8
million tons, will compel Poland to import as much as 430,000 tons, mostly from
EU sources.

Canada's intended area planted to rapeseed this year is 4.9 million hectares,
substantially higher than 1996/97's 3.5 million.  Canada also expects record
production of soybeans and flaxseed, as plantings are up 21 and 41 percent,
respectively, from last year.  Most of this area shift came at the expense of
wheat.  Canadian rapeseed production is forecast up 25 percent to 6.3 million
tons, which would make it the third largest harvest.  Since mid-June,
widespread showers have relieved early season dryness in the southern prairies,
just in time for the current blooming phase.  Despite the anticipated rebound
in supplies, the absence of western transportation subsidies will limit the
growth of Canada's 1997/98 rapeseed exports.  The principal foreign rapeseed
market, Japan, is expected to increase imports a modest 3-percent to 1.95
million tons and should obtain a greater share from expanding Australian
sources.  Canadian rapeseed exports would rise from 2.4 million to 2.6 million
tons, but far less than the 1994/95 record of 3.9 million.  Domestic rapeseed
crush will drive total demand as exports of canola oil to the United States
pick up again.

Australian farmers finished planting rapeseed in June, with 1997/98 rapeseed
area estimated at 0.6 million hectares.  Attractive prices, rotation
considerations (Australia had a huge cereal grains area last year), and better
varieties have promoted a surge in rapeseed planting.  This area in 1997/98
would produce a record Australian harvest around 850,000 tons, up 37 percent
from last year and 310,000 tons just 3 years ago.  Moisture has been adequate
in western Australia, but dryness in the Southeast part of the country has
stressed rapeseed.  Despite recent additions to domestic crush capacity, much
of the surplus seed output will be exported to the principal Asian markets of
Japan and Bangladesh.  Growing quantities of rapeseed oil also will begin to be
exported throughout East Asia.

Global sunflowerseed production is due to rise less than 3 percent in 1997/98
to 24.2 million tons.  Argentine sunflowerseed production will nudge upward to
5.3 million tons on 2.95 million hectares harvested.  In the former Soviet
Union (FSU), a return to more normal weather will boost production 18 percent
to 6.1 million tons.  In both Russia and the Ukraine, generous rainfall in late
May and June has favored sunflower development.  The active export trade that
the FSU countries have had over the last several years should resume.  This
will not be the case in 1997 for Eastern Europe, where plantings have declined
in Romania, Hungary, and Bulgaria.  EU sunflower producers have been pressured
by strengthening FSU and Eastern Europe competition.  Given expected increases
in 1997 rapeseed and soybean area and limits on EU total oilseeds area imposed
by the Blair House Agreement, 1997 EU sunflower area should go down again. 
Lower expected yields in France and Spain will help cut EU 1997 sunflowerseed
production 10 percent to 3.5 million tons.  Western Europe was blessed by
excellent weather in 1996, resulting in unusually good yields.  Despite
stagnant production, EU sunflowerseed crushing will rise.  Abundant crushing
capacity in the EU will increasingly attract more trade from the FSU and
Eastern Europe, which lack adequate processing facilities.  International
sunflowerseed trade will benefit from the larger world supplies, rising 11
percent to 3.2 million tons.  In turn, the FSU has become a major importer of
the EU's sunflower oil.

Global 1997/98 cottonseed output will slip to 33.8 million tons, hovering near
this year's 34.0 million tons.  Production losses in China, India, and the
United States will be nearly offset by gains in the FSU and Pakistan.  Forecast
world cottonseed crush will dip 1 percent to 26.0 million tons.

World 1997/98 peanut production is projected at 26.4 million tons, slightly
less than 1996/97 output of 26.5 million.  Small reductions are anticipated for
China, India, and the United States, the world's largest producers.  Modest
production gains throughout Africa and Argentina partially offset prospective
losses in these countries.  The principal peanut regions of western India have
received adequate rain this summer to promote early development, but will need
more for a successful harvest.  With global consumption of peanuts for food use
rising, consumption for crushing will decline somewhat.  International trade in
peanuts and peanut products is relatively minor, as most are consumed within
their country of origin.

Global Protein Meal Supplies Keep Pace With Consumption

The world's livestock will consume 151.8 million tons of protein meals in
1997/98.  The 3-percent increase is largely due to growth in soybean meal use,
with smaller increases for rapeseed and other meals.  Accordingly, soybean meal
will increase its predominance in world oilseed meals trade.  A gain of 1.5
million tons in global soybean meal trade is anticipated, for a total of 34.6
million.  More abundant protein meal supplies should relieve the price jump of
the last 2 years.

Rising foreign demand, especially in Asia, is forecast to lift U.S. soybean
meal exports to 6.3 million metric tons, the highest volume since 1991/92.  The
elimination of Brazil's differential export taxes gave soybean exports a major
boost this year versus soybean meal.  Yet, 1997/98 soybean meal exports of 11.1
million tons will rank below only the 1995/96 record volume.  Meanwhile, the
8.9-million-ton export forecast for Argentina draws it even closer to the
distinction of being the world's largest soybean meal exporter.  The resurgence
in India's output should also drive that country's exports to an all-time high
of 2.75 million tons.

The gap between China's domestic soybean meal supplies and its consumption
continues to widen.  Cumulative 1997/98 Chinese soybean meal imports are
projected at 3.0 million tons.  Bigger supplies of high-oil yielding, European
produced oilseeds will undercut vegetable oils prices and weaken EU crushing
margins.  This would deter EU soybean imports, but raise import needs for
soybean meal.  A retreat from very high 1996/97 soybean meal prices will also
encourage EU 1997/98 imports higher to 15.8 million tons.

Steadier World Vegetable Oil Market Foreseen

Soybean oil and palm oil account for most of the gains in 1997/98 global
vegetable oil output.  The 2.7-percent increase in total vegetable oil, to 75.4
million tons, signifies a pickup from the 1.5-percent growth in 1996/97. 
Projected palm oil production is seen up nearly 4 percent from this season, to
17.4 million tons.  Expansion of palm area has nearly reached its limit in
Malaysia so that much of the world's production growth will come from
Indonesia.  However, with soaring domestic consumption within Indonesia, world
palm oil exports will plateau.  World rapeseed oil production is also projected
4 percent higher, with most of that increase due to greater EU crushing.

For years, China has been the premier import market for vegetable oils.  In
1997/98, Chinese imports of 3.6 million tons are expected, with 1.55 million as
soybean oil and 1.5 million as palm oil.  Import growth by India will moderate
as domestic oil production (particularly soybean oil) keeps pace with
consumption.  

Rationing of Remaining 1996/97 U.S. Supplies Imperative Until New Harvest

A surprisingly low June 1 soybean inventory was recently reported in USDA's
Grain Stocks.  The 499-million-bushel inventory is the smallest June 1 quantity
since 1989.  Given what was known about year-to-date soybean disposition, this
prompted an increase in the residual category to 67 million bushels.  Higher
than expected 1997 planting also raised estimated 1996/97 seed use to 79
million bushels.  Confirmation of the current low supplies will further ration
domestic crush and exports for the remainder of the crop year, each of which
are down 5 million bushels from last month's forecast.  While export
commitments are near the 890 million bushel forecast, new sales in June were
nearly offset by cancellations and rollovers to 1997/98 delivery.  Year ending
stocks are also estimated down to 125 million bushels.  Despite this tight
situation, cash soybean prices have fallen due to the very favorable outlook
for the new 1997 crop.  A larger than normal amount of early maturing soybeans
in the Delta, as well as some imports, will help supplement old crop supplies
in the summer quarter.

Soybean oil and meal production are revised downward given the lower crush
forecast.  Export registrations of Brazilian soybeans have slowed, shifting the
focus onto exports of soybean meal.  These will eclipse new U.S. export sales
of soybean meal, trimming the current year forecast to 6.7 million short tons. 
Expectations for a very large soybean harvest this fall are also weighing down
current soybean oil prices, trimming the 1996/97 expected average to 23.0 cents
per pound.

In Argentina, a severe drought is responsible for cutting the 1996/97 soybean
crop, which is estimated down this month to 11.5 million metric tons.  This
year, a greater proportion of soybeans were planted as a second crop following
wheat.  That substantially increased the number of fields that were developing
pods during a very dry April.  Argentine soybean exports are estimated lower to
400,000 tons, compared with 2.1 million last season.  Normally a large net
exporter, Argentina reportedly purchased 150,000 tons from Bolivia, Brazil, and
Paraguay, and 60,000 tons from the United States to cover its deficit between
domestic production and crush demand.  Improvements along the Parana River have
also contributed to the feasibility of imports from neighboring countries.

Argentina's misfortune has turned into an opportunity for Brazil.  Current year
Brazilian soybean exports continue to break all records, now estimated at 7.85
million tons.  However, the peak of the marketing activity for soybean exports
has passed and is now slowing.  Export registrations for soybean meal have only
recently surpassed those for soybeans.  The sharp increase in exports has
reduced availability of supplies for domestic crushing, which is expected down
to 19.7 million tons from 21.6 million in 1995/96.

Table 1--Soybeans:  U.S. supply and disappearance
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                     Supply                          Disappearance 
        --------------------------------  ------------------------------------
Year                                                      Seed,               
begin.     Beg.   Im-   Produc-  Total     Crush   Ex-    feed,   Total   End.
Sept. 1  stocks  ports   tion                    ports  residual        stocks
------------------------------------------------------------------------------
         -------------------------- Million bushels---------------------------

1995/96     335    4    2,177    2,516     1,370    851    112    2,333    183
1996/97 1/  183   20    2,382    2,586     1,425    890    136    2,461    125
1997/98 2/  125    5    2,690    2,820     1,470    930    135    2,535    285
------------------------------------------------------------------------------
1/ Estimated.  2/ Forecast.

Table 2--Soybean meal:  U.S. supply and disappearance
------------------------------------------------------------------------------
                 Supply                           Disappearance 
        ----------------------------     ------------------------------------
Year 
begin.      Beg.    Produc-   Total      Domestic   Ex-     Total    End.
Oct. 1    stocks     tion      1/                   ports           stocks
------------------------------------------------------------------------------

         ---------------------------1,000 short tons--------------------------

1995/96     223     32,527    32,825       26,611   6,002   32,613    212
1996/97 2/  212     33,688    34,000       27,100   6,700   33,800    200
1997/98 3/  200     34,900    35,250       28,100   6,900   35,000    200
------------------------------------------------------------------------------
1/ Includes imports.  2/ Estimated.  3/ Forecast.

Table 3--Soybean oil:  U.S. supply and disappearance
------------------------------------------------------------------------------
                 Supply                           Disappearance 
        ----------------------------     ------------------------------------
Year 
begin.       Beg.   Produc-   Total     Domestic  Ex-     Total     End.
Oct. 1     stocks    tion      1/                 ports            stocks
------------------------------------------------------------------------------

         -------------------------- Million pounds---------------------------

1995/96     1,137   15,240   16,472       13,465     992   14,457   2,015
1996/97 2/  2,015   15,460   17,525       13,950   1,800   15,750   1,775
1997/98 3/  1,800   16,390   18,225       14,200   2,050   16,250   1,975
------------------------------------------------------------------------------
1/ Includes imports.  2/ Estimated.  3/ Forecast.

Table 4--Oilseeds prices received by farmers, U.S.
--------------------------------------------------------
Marketing      Soy-  Cotton-  Sun- 
 year         beans   seed   flowers  Peanuts  Flaxseed
--------------------------------------------------------
              $/bu.   $/ton   $/cwt   Cents/lb  $/bu.

1991/92        5.58   71.00     8.69    28.30   3.52
1992/93        5.56   97.50     9.74    30.00   4.12
1993/94        6.40  113.00    12.90    30.40   4.25
1994/95        5.48  101.00    10.70    28.90   4.63
1995/96 1/     6.77  106.00    11.50    29.30   5.25
1996/97 1/     7.35  125.00    11.85    28.50   6.25

1995/96
September      5.98  101.00    11.00    29.70   5.11
October        6.16   99.00    11.00    28.60   5.11
November       6.40  114.00    10.80    29.50   5.17
December       6.76  116.00    10.70    28.60   5.03
January        6.78  106.00    11.10    29.80   5.27
February       7.00  117.00    11.50     NA     5.18
March          7.00    NA      12.10     NA     5.28
April          7.43    NA      12.70     NA     5.31
May            7.69    NA      13.50     NA     6.03
June           7.41    NA      14.30     NA     5.88
July           7.62    NA      13.70     NA     6.19
August         7.82  118.00    12.70     NA     6.15

1996/97
September      7.79  129.00    12.00    27.70   5.89
October        6.95  123.00    11.70    25.80   6.49
November       6.90  117.00    11.90    25.00   6.50
December       6.91  136.00    11.60    25.60   6.79
January        7.13  132.00    11.80    24.30   6.42
February       7.38  128.00    12.20     NA     6.30
March          7.97   NA       12.20     NA     6.66
April          8.23   NA       12.40     NA     6.49
May            8.40   NA       12.10     NA     6.50
June 1/        8.22   NA       11.20     NA     6.29
--------------------------------------------------------
1/ Preliminary.

Table 5--Vegetable oil prices
---------------------------------------------------
                      Cotton-  Sun-       
Marketing    Soybean   seed   flower Peanut  Corn  
 year         oil 2/  oil 3/  oil 4/ oil 5/  oil 6/ 
---------------------------------------------------
                     Cents/lb.

1991/92       19.10    22.83   21.63  27.30  25.82 
1992/93       21.40    30.07   25.37  27.40  20.90 
1993/94       27.00    30.30   31.08  43.20  26.38 
1994/95       27.51    29.23   28.10  44.30  26.47 
1995/96       24.70    26.53   25.40  40.30  25.55 
1996/97 1/    23.50    25.50   24.00  41.50  24.00 
                                                   
1995/96
October       26.57    27.61   27.49  42.50  26.05
November      25.42    26.27   26.25  41.63  25.54
December      24.76    26.10   25.98  39.20  24.99
January       23.52    24.45   24.65  37.25  24.52
February      23.49    24.35   24.23  36.00  24.30
March         23.60    24.25   24.28  36.60  24.34
April         25.70    26.77   25.63  39.25  26.60
May           26.50    28.46   26.38  42.80  27.98
June          24.95    27.94   25.72  43.00  25.66
July          24.10    28.25   24.58  43.00  25.46
August        23.99    27.81   24.90  42.60  24.33
September     23.92    26.13   24.90  40.80  24.14

1996/97
October       21.95    24.55   22.80  41.50  22.67
November      21.80    24.28   22.50  39.20  22.96
December      21.60    24.29   22.30  40.75  22.27
January       22.45    25.21   22.65  43.50  23.39
February      22.41    25.44   23.07  43.88  23.97
March         23.29    26.18   22.70  44.75  24.38
April         23.17    25.10   23.50  45.00  24.60
May           23.68    25.19   23.20  46.20  24.66
June 1       22.97    25.01   22.33  47.88  24.82
-------------------------------------------------------------------------
1/ Preliminary  2/ Decatur  3/ PBSY Greenwood MS
4/ Minneapolis  5/ Southeast mills  6/ Chicago

Table 6--Oilseed meal prices
---------------------------------------------------
             Soy-   Cotton   Sun-           
Marketing    bean    seed   flower  Peanut   Linseed
 year        meal 2/ meal 3/ meal 4/ meal 5/ meal 4/
---------------------------------------------------
                        $/Short ton
1991/92     189.20  140.50   76.80  154.50  125.25
1992/93     193.75  161.78   89.00  172.90  133.60
1993/94     192.86  164.30   94.00  194.91  139.55
1994/95     162.55  112.02   62.70  128.94   95.85
1995/96     235.90  190.74  123.75  202.70  159.05
1996/97 1/  262.00  200.00  139.50  232.00  170.00

1995/96
October     193.90  153.25   82.88  132.50  131.00
November    204.10  165.00   99.00  175.00  151.67
December    223.60  185.80  122.50  204.00  143.75
January     232.00  208.80  135.00  220.00  142.00
February    228.30  202.80  130.00  215.00  143.75
March       226.57  195.60  123.50  210.00  155.00
April       249.30  220.00  133.00  210.00  174.00
May         244.30  191.25  137.00  212.00  177.00
June        238.80  192.20  135.00  210.00  178.75
July        252.50  201.56  135.00  224.25  174.00
August      261.20  193.10  126.25  227.00  170.00
September   276.40  193.10  125.60  192.80  167.50

1996/97
October     248.50  183.25  116.00  170.00  175.00
November    251.50  196.60  105.00  146.13  166.25
December    250.60  224.50  113.35  172.67  171.65
January     249.20  207.20  125.00  221.00  165.00
February    262.40  183.75  137.50  228.13  156.25
March       280.50  189.10  121.70  225.00  163.30
April       288.60  197.25  124.00  233.75  168.00
May         306.40  193.75  120.00  222.00  188.30
June 1/     287.90  188.44  106.25  235.00  171.25
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1/ Preliminary.  2/ Hi-pro Decatur.  3/ 41% Memphis. 4/  Minneapolis.
5/ 50% SE mills.

The next Oil Crops Outlook is scheduled for 4:00 pm ET Wednesday, August 13.

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