OIL CROPS OUTLOOK                                               July 15, 1996
            Approved by the World Agricultural Outlook Board
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OIL CROPS OUTLOOK is published monthly by the Economic Research Service, U.S.
Department of Agriculture, Washington, DC 20005-4788.  OCS--0796.  
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WET WEATHER EXPANDS SOYBEAN ACREAGE
 
U.S. farmers intended to plant 63.9 million acres of soybeans this spring, up 2
percent from 1995.  However, due to saturated soils in several States, many
farmers were unable to finish planting corn after the acreage survey was taken
in early June and were compelled to switch to soybeans.  Soybean farmers in
Ohio, Indiana, and Illinois had only planted 28, 31, and 36 percent,
respectively, by the time of the interview.  Drying soils in the last half of
June allowed producers to complete planting their remaining fields to soybeans. 
In late July, USDA will resurvey producers in 9 major producing States to
determine final planting, which is now virtually complete.  Any acreage
alterations will be reported with the first objective soybean yield estimates
in the August 12 Crop Production report.
 
Even without full knowledge of the extent of the shift to soybeans, farmers in
Illinois, Indiana, Ohio, Iowa, South Dakota, Minnesota, Michigan, and Wisconsin
had all intended to plant record soybean acreage.  Reflecting the
weather-related delays, Ohio acreage went up 350,000 acres, the largest
year-to-year increase of any State.  Southern soybean area is also higher than
last year because of lower expected cotton returns and nearly 1 million more
acres double cropped with wheat.  Missouri farmers went against the grain by
planting 400,000 fewer soybean acres this year, mostly so they could boost
their corn and sorghum acreage.  Missouri's soybean acreage this year would
match 1990's 4.2 million acres, which had been the State's lowest since 1972.
 
The Acreage report contains some interesting information on total crop acreage. 
Acreage planted to principal crops totals 334 million acres in 1996, up 10
million from 1994 and from March intentions.  This year's area planted would be
the largest since 1986, which was prior to major enrollment in the Conservation
Reserve Program (CRP).  A substantial hike in commodity prices in May has
spurred farmers to plant on as much land as possible.  Acreage idling programs
were eliminated in the 1996 FAIR Act.  Early withdrawal of land from the CRP
for current production has been relatively small, however, with preliminary
estimates of 500,000 acres.  Farmers appear to be waiting for USDA to announce
more details on rental rates and eligibility criteria for re-enrollment before
deciding whether to extend their CRP contracts or withdraw land for crop
production.
 
With projected harvested area of 63.1 million acres, forecast 1996 production
of soybeans is 2,315 million bushels.  Lower carryin stocks cut the projected
1996/97 soybean supply to 2,500 million bushels, only 8 million bushels above
this year's level.  The overall condition of this year's crop is nearly
identical with conditions last year at this time, which was prior to the
extreme summer heat and early frosts that ultimately held down final 1995
yields.  While extensive planting sent soybean futures prices tumbling in June,
history is threatening to repeat itself.  The late start followed by a dry
spell in the Corn Belt over the last 3 weeks has depleted topsoil moisture. 
The adverse implications for yields are supporting prices again.  Soybeans in
the Southeast have also deteriorated from hot, dry weather.  Tightness in
soybean stocks is not expected to ease any in 1996/97, with the season average
soybean farm price ranging $6.25 to $7.95 per bushel.
 
A small increase of 10 million bushels in domestic soybean crush, to 1,370
million bushels, is anticipated next season based on stronger trade in soybean
products.  U.S. crush and export shipments are likely to be brisk early this
fall and winter until higher U.S. prices and expected large increases in
soybean acreage and production from South America emerge next spring.
 
U.S. soybean and soybean meal exports are projected at 825 million bushels and
5.7 million short tons in 1996/97, down 1 and up 3 percent from a year earlier. 
An expected moderate decline in crush margins in the EU, but lower South
America soybean supplies during this fall, is expected to leave U.S. exports
relatively unchanged.  Uncertainty about the levels of 1996/97 soybean imports
by China and Brazil could lead to greater U.S. exports.
 
Grain Stocks reported there were 623 million bushels of soybeans on hand as of
June 1.  Despite being down 21 percent from a year earlier, the volume should
be adequate for the remainder of the 1995/96 crop year.  The implications of
the soybean inventory were less meaningful than the corn stocks data, which
were of major indirect significance.  The current smaller than expected corn
stocks imply that more rationing is needed by September 1.  The corn stocks
data have sent nearby corn futures prices much higher, which may accelerate the
contraction in livestock population.
 
Last month's Hogs and Pigs report indicated that such a contraction had already
begun.  The December 1 and March 1 inventories were revised down, based on
downward revisions in the fall 1995 and winter 1996 pig crops.  This means
fewer animals were being fed this year than earlier thought.  The June 1
inventory was pegged down 4 percent from a year earlier as the March-May pig
crop declined.  Farrowing intentions for December through May were down 6
percent, compared to down 1 percent in the previous report.  Fewer sows
farrowed in December-February and the pig crop was revised down.  Producers
have responded to high feed prices by keeping fewer hogs for breeding (down 3
percent and 5 percent for March 1 and June 1, respectively) than a year ago. 
The slump in farrowings (and the ultimate reduction in pig crop) should persist
into 1997 and could worsen if this fall's corn harvest is inadequate for
sustaining hog production.  Yet, expectations for only minimal improvement in
corn yields for 1996/97 should continue to buoy corn and soybean prices.  The
1996/97 projection for soybean meal disappearance was reduced to 27.0 million
tons this month, unchanged from 1995/96 forecast disappearance.
 
Offsetting the decline in domestic soybean meal use is a higher 1996/97 U.S.
export forecast of 5.65 million short tons.  The projected reduction in 1996/97
foreign protein meal production presents the United States with a larger
potential export market.  The current strong crushing pace in South America
will likely limit foreign soybean meal supplies during October-April, thus
leading to a greater share for U.S. soybean meal exports.
 
Projected declines for rapeseed and sunflower oil production, coupled with
increasing demand in China, Latin America, the Middle East, and North Africa
will drive world soybean oil trade upward.  Brazil's oil market will remain
tight, enabling 1996/97 U.S. soybean oil exports to rise to 1.75 billion
pounds, nearly 40 percent above 1995/96's reduced exports.  Key uncertainties
in U.S. soybean oil exports include South American supplies of soybean and
sunflower oil during October 1996-April 1997 and China's demand during the same
period.  However, strong demand for soybean meal is driving crush higher.  The
growth in soybean oil production would exceed growth in domestic and foreign
demand and push U.S. 1996/97 carryout stocks to 1.88 billion pounds.  Global
vegetable oil supply-use balances will remain tight, supporting vegetable oil
prices close to this year's average level.  Soybean oil, along with palm oil,
likely will be priced at a larger average discount to canola and sunflowerseed
oils, particularly in October 1996-March 1997.
 
SUNFLOWER, MINOR OILSEED ACREAGE SUCCUMBS TO HEAVY GRAINS DEMAND
 
The 2-year revival in sunflower acreage has ended with this year's surge in
spring wheat area, which is expected to be the largest in 60 years.  U.S.
sunflower plantings are indicated at 2.8 million acres, down 20 percent from
last year.  All of the decline is for oil-type sunflowers, as non-oil type
acreage is up 2.5 percent to 581,000 acres.  The severest decline happened in
Minnesota, which dropped 290,000 acres from 1995.  Plantings in South Dakota
and North Dakota fell 170,000 and 150,000 acres, respectively.
 
The steady increase in U.S. canola acreage has also been interrupted by stiff
competition from the grains sector.  Canola plantings for 1996 are 397,000
acres, down 11 percent from 1995.  U.S. safflower acreage planted for 1996 is
226,000 acres, down 9 percent from 1995.  And the shrinkage of flaxseed area
has accelerated, with 1996 plantings of 112,000 acres and well below earlier
intentions.  This represents a 32-percent drop from 1995 and 84 percent from
1986.  Despite a similar plunge in Canadian minor oilseed acreage this year,
imports will account for an even larger share of total U.S. supplies in
1996/97.
 
WORLD OILSEED SUPPLIES PROJECTED MARGINALLY DOWN FROM 1995/96
 
Despite a projected rise in global oilseed output in 1996/97, total oilseed
supplies of 278 million metric tons will likely remain below 1995/96 levels.  A
projected 5-million-ton decline in carryover stocks for 1995/96 more than
offsets the expected 1 percent (about 3 million tons) increase in oilseed
production.  Waning vegetable oil prices in 1995/96, better returns for
competing crops (especially wheat), and less than favorable growing conditions
in various regions are expected to reduce the production of high oil-content
seeds such as rapeseed and sunflowers in 1996/97.  Foreign production is
projected down 1 percent to 184.1 million tons, while U.S. output is expected
to surge 7 percent to 73 million tons.
 
World soybean production is projected to increase 7 percent to 132.1 million
metric tons with the United States, Brazil, Argentina, and India accounting for
nearly all of the growth.  Although South American soybean sowing is still 3-4
months off, current conditions suggest that South American farmers will raise
soybean acreage.  In Brazil, soybean area is expected to benefit from:  robust
soybean prices this year; few crop alternatives for the Center-West; and a
boost in wheat area that increases the potential for soybean double cropping,
primarily in the Southern States.  In addition, the government of Brazil has
pledged to increase the level of loans to small and medium farmers.
 
Likewise, in Argentina, larger wheat area is expected to encourage a record
level of double cropped soybeans, while better returns for crops over livestock
are altering rotational crop patterns and pushing area planted to record highs. 
China's soybean output is expected down again as soybean area continues to be
shifted primarily to corn.  India's soybean production is projected to continue
to grow to a record of 4.5 million tons.  Sporadic monsoon rains and a heat
wave have contributed to planting delays in India and normal conditions for the
remainder of the season will be needed to produce the projected production.
 
Sunflower acreage will decline the most in Argentina, due primarily to a surge
in wheat plantings in Buenos Aires Province.  In the former Soviet Union (FSU),
domestic grain prices are less attractive than international prices, while the
opposite has occurred for sunflowers.  Despite planted area remaining near
record levels, yields are expected to return to more normal levels, leading to
a 7- and 2-percent decline in Russian and Ukrainian sunflower output,
respectively.  On the other hand, EU sunflower production is projected to climb
13 percent to 3.7 million tons.  A sharp recovery from a 3- year drought in
Spain, combined with more normal yields in Italy, will more than offset a small
decline in France's sunflower area and output.  Boosted by exports to the
European Union, returns to sunflower farmers in Eastern Europe flourished in
1995/96, leading them to raise area to record levels again.
 
Global rapeseed production is projected to drop 13 percent to 30.1 million tons
in 1996/97.  In Europe, winterkill, better returns for grains, and a smaller
set-aside in the EU are expected to reduce the rapeseed crop by more than 1.5
million tons.  In Canada, substantial area shifted away from canola because of
crop rotational needs and the price ratio between wheat and canola reversed
dramatically in favor of wheat.  In China, although rapeseed area is expected
to remain nearly unchanged, poor growing conditions will likely push production
down.  New reports are indicating that new flooding may have affected the
rapeseed harvest, which will force production further down.  Cottonseed output
is also projected to drop slightly in response to higher grain prices.  Most of
the losses are attributed to lower prices and procurement hurdles in China and
improved profits for wheat and oilseeds against cotton in India.  Cottonseed
production is not influenced by the factors in the oilseed supply and demand
equation.
 
World 1996/97 peanut production is projected at 26.5 million tons, up 2 percent
from the 1995/96 marketing year.  Almost all changes are occurring in China and
India, the world's largest producers.  A 500,000-ton increase in India's peanut
production more than offset a 400,000-ton decline in China's output. 
 
GROWTH IN WORLD OILSEED CRUSH TO CONTRACT IN 1996/97 
 
Global oilseed crush is forecast to shrink slightly for the first time in 4
years to 213 million metric tons.  The projected decline in 1996/97 rapeseed,
coupled with smaller drops in sunflowerseed and cottonseed, will likely more
than offset increases in soybeans, peanut, palm kernel, and copra.  The
marginal decline in crush is primarily due to lower supplies of high oil-
content seeds (especially rapeseed in Europe) and a significant decline of
cottonseed in China.
 
Soybeans, on the other hand, will likely recover from the sluggish 1995/96
crush to reach a record of 111.8 million tons.  Hefty demand for soybean crush
in South America and both crush and food demand in China suggest a significant
rise in total soybean demand. 
 
BRISK DEMAND EXPECTED TO CONTINUE FOR PROTEIN MEAL IN 1996/97
 
Global meal consumption for 1996/97 is projected to reach a record 144.8
million metric tons, with declines in fish, rapeseed, and cottonseed meal. 
World soybean meal consumption is likely to slow down significantly from the
hefty growth attained over the past 3 years.  For the seventh consecutive year,
world consumption of soybean meal (87.1 million tons) is expected to set a
record.  Although the EU, which is the single largest market for soybean meal,
is expected to marginally reduce its consumption, keen demand in all other
regions supports soybean meal consumption growth.  The EU's soybean meal
offtake has shrunk during the last year as market prices for grains failed
relative to soybean meal.  In 1996/97, soybean meal consumption will also be
slowed by fewer livestock units, particularly hogs and cattle.  However, many
uncertainties surrounding the EU cloud the outlook for soybean meal
consumption.  These factors include EU grain policy (export taxes), imports of
tapioca and other feedstuff, poultry production, and supplies of other meals.
 
China is the single largest growing market for protein meals, especially
soybean meal.  China's soybean meal use is projected at a record 6.8 million
tons, up 12 and 30 percent from 1995/96 and 1994/95, respectively.  Robust
increases in poultry production and dwindling fish meal imports are supporting
greater feed use.  However, growth in Chinese soybean meal consumption may be
affected by greater corn supplies as corn production increases and exports are
limited.
 
WORLD TRADE PROSPECTS FOR OILSEEDS AND PROTEIN MEALS SLUGGISH IN 1996/97 
 
World oilseed trade in 1996/97 is projected down almost 3 percent to 42.2
million tons, with the fall primarily based on lower rapeseed and sunflowerseed
trade.  On the other hand, steep demand for protein meals and larger soybean
supplies have encouraged soybean production and trade in 1996/97.  Rapeseed
exports are projected to fall about 20 percent from 1995/96's record 5.6
million tons.  Significant declines in Canadian and Polish supplies are
expected to depress rapeseed exports in both countries by more than 1.2 million
tons.  Similarly, reduced supplies in Argentine sunflowerseed and a rebound in
Spanish sunflowerseed output, would cut world sunflowerseed trade for 1996/97.
 
In contrast, world trade in soybeans and soybean meal is likely to increase 2
percent to 32.3 and 32 million tons, respectively.  Soybean trade is projected
to recover from 1995/96 due to greater imports by China, Brazil, and Mexico. 
Likewise, growth in soybean meal trade is expected to continue as growth in
China and Southeast Asia, combined with small expansions in Latin America, the
Middle East, and North Africa, will lift overall consumption.  The EU, which is
the largest soybean importer, is projected to slightly decrease soybean and
soybean meal imports in 1996/97 compared to the previous year.  Reduced crush
margins, smaller livestock units, and relatively lower grain prices are
expected to marginally decrease EU soybeans and meal imports.  China's soybean
meal supply-use gap is projected at 1.6 million tons in soybean meal
equivalent.  China's erratic trade policies cloud the 1996/97 outlook for
soybean and soybean product trade.  Currently, soybean meal imports are favored
over soybeans.  However, as new crushing facilities enter into production and
domestic supplies shrink, China's government is expected to reverse this
position in favor of soybeans.  Foreign soybean exports are expected up for all
exporting countries except for China, as increased supplies drive export
availabilities upward.
 
Soybean meal trade will likely benefit from a significant decline in fish meal
production and trade.  Overfishing in Peru is expected to produce a vast
decline in the sardine and anchovy catch, which is likely to force the
government of Peru to impose unusually long fishing bans for 1996 and 1997.
 
WORLD VEGETABLE OIL AND MARINE OIL SITUATION AND OUTLOOK FOR 1996/97
 
Global supplies of edible oils are expected to increase only 1 percent to 78.1
million tons, the slowest growth in 4 years.  World production of each edible
oil is expected up, except for rapeseed, sunflower, fish, and cottonseed.  Palm
oil production is expected to grow faster than in 1995/96, but at a slower rate
than in 1994/95.  In Indonesia, new palm trees are expected to reach full
production in 1997, while in Malaysia better rain patterns during 1996 are
expected to support output gains in 1996/97.  Soybean oil production is
projected at a record of 20.2 million tons, while consumption is expected to
reach 20.4 million tons, thus leading to a slightly lower carryover.  Rapeseed
oil accounts for the largest drop in edible oil production, although still the
second largest ever.
 
The less favorable outlook for world production of the high oil yielding
seeds--sunflowerseed and rapeseed--will stimulate soybean oil trade.  Global
exports of soybean oil are projected up 5 percent to 5.6 million tons.  For
Brazil, exports will likely remain at 1.5 million tons due to limited supplies. 
In Argentina, record crush is expected to produce record soybean oil
production, and lead to record soybean oil exports as domestic consumption
remains small.  U.S. soybean oil exports are expected to rebound to nearly
800,000 tons.
 
On the import side, China will remain the single most important world market
for vegetable oils, with imports of approximately 3.8 million tons. China's
soybean oil imports at 1.5 million tons will be key to the U.S. outlook for
soybean oil exports.  Factors affecting China's soybean oil import
decisionmaking are trade policy affecting tariffs and import licenses for
soybean and other oils.  In addition, other factors include palm oil prices,
South American supplies, and China's oilseed output and soybean imports over
soybean meal imports.
 
CURRENT YEAR EXPORTS AND CRUSH EXHIBIT RENEWED STRENGTH
 
Weekly soybean exports have showed recent vigor, leading USDA to increase its
1995/96 forecast from 825 million bushels to 835 million.  Outstanding export
sales (101 million bushels) are quite healthy at this point of the crop year
and well above last year.  Current reports of Chinese purchases have helped to
move the market sharply upward again.
 
The seasonal decline in domestic crushing has reversed somewhat since May.  The
reason for this resurgence stems from the depletion of South American supplies,
which has rejuvenated demand for U.S. soybean meal exports.  The new USDA
forecast raises the 1995/96 estimated crush 5 million bushels to 1,360 million. 
The 15-million-bushel increase in total demand drops carryover stocks to 180
million bushels.
 
The brighter crush outlook is driven by a hike in soybean meal exports, which
were forecast up 150,000 short tons from last month.  China has made initial
purchases of 25,000 metric tons, which are the first from the United States
since 1984.  Given better export prospects and a surging corn price, the
1995/96 average soybean meal price forecast was raised to $230 per ton this
month.
 
On the other hand, business in the soybean oil sector remains relatively quiet,
as U.S. prices remain above South American sources and well above Malaysian
palm oil.  Given that there have been no recent commercial sales, USDA reduced
its export forecast to 1,275 million pounds, down 75 million from the June
estimate.  U.S. oil exports continue to suffer from the absence of Chinese
trade.  This year's soybean oil trade has dissipated to less than half of the
record 1994/95 level (2,680 million pounds) and the smallest volume since
1990/91.  In fact, U.S. imports of soybean oil have risen this year as new
Canadian crushing capacity has come on stream.
 
Domestic soybean oil stocks probably peaked for the year in May at 1,762
million pounds, which were curbed by the seasonal slowdown in crush.  This is
the highest inventory in 3 years.  Domestic oil disappearance also appears to
be steady.  USDA raised its 1995/96 forecast 50 million pounds this month to
13.4 billion and carryout stocks in September should settle to just under 1.7
billion pounds.  The upward trend in the price for soybean oil has been
suspended (dropping about 1.5 cents per pound in June) by the pickup in oil
production and weak exports.
 
Note to readers:  The customary July publication date for the Oil Crops
Yearbook has been moved to October.  That publication will serve as a complete
wrap-up for the 1995/96 marketing year with final data on oilseed production,
domestic disappearance, foreign trade, ending stocks, prices, and end uses of
oils.
 
******************************************************************************
Information Contacts:
Mark Ash         Soybeans, Minor Oilseeds, Fats and Oils    (202) 219-0712
Scott Sanford    Peanuts, Cottonseed                        (202) 219-0835
Jaime Castaneda  World Oilseeds                             (202) 219-0826
******************************************************************************
The next Oil Crops Outlook is scheduled for 4:00 pm ET Tuesday, August 13.
 
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 & resid.        stocks
-----------------------------------------------------------------------------
         -------------------------- Million bushels--------------------------
 
1994/95     209    6    2,517    2,731     1,405    838    153    2,396   335
1995/96 1/  335    5    2,152    2,492     1,360    835    117    2,312   180
1996/97 1/  180    5    2,315    2,500     1,370    825    120    2,315   185
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1/ Forecast.
 
Table 2--Soybean meal:  U.S. supply and disappearance
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                 Supply                           Disappearance 
        ----------------------------     ------------------------------------
Year 
begin.      Beg.    Produc-   Total      Domestic   Ex-     Total    End.
Oct. 1    stocks     tion                           ports           stocks
------------------------------------------------------------------------------
 
         ---------------------------1,000 short tons--------------------------
 
1994/95     150     33,265    33,479       26,538   6,717   33,256    223
1995/96 1/  223     32,422    32,725       27,000   5,500   32,500    225
1996/97 1/  225     32,575    32,875       27,000   5,650   32,650    225
------------------------------------------------------------------------------
1/ 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                         ports            stocks
------------------------------------------------------------------------------
 
         -------------------------- Million pounds---------------------------
 
1994/95     1,103   15,613   16,733       12,916   2,680   15,596   1,137
1995/96 1/  1,137   15,155   16,370       13,400   1,275   14,675   1,695
1996/97 1/  1,695   15,380   17,075       13,500   1,750   15,250   1,880
------------------------------------------------------------------------------
1/ 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.
                                     
1990/91        5.74  121.00    10.80    34.70   5.27
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
1995/961       6.80  106.00    11.35    29.30   5.25
 
1994/95
September      5.47  101.00    10.70    30.60   4.55
October        5.30   96.00    10.50    28.60   4.52
November       5.36  107.00    10.60    25.90   4.52
December       5.41  103.00    10.60    25.80   4.72
January        5.47   95.00    10.50    25.50   4.76
February       5.40   70.00    10.80     NA     4.94
March          5.51    NA      10.40     NA     5.13
April          5.55    NA      10.70     NA     5.10
May            5.56    NA      10.60     NA     4.91
June           5.68    NA      10.70     NA     5.03
July           5.90    NA      11.50     NA     5.11
August         5.83  100.00    11.40    30.60   5.21
 
1995/96
September      5.98  100.00    11.00    29.70   5.11
October        6.15   99.00    11.00    28.60   5.11
November       6.40  114.00    10.80    29.50   5.17
December       6.76  116.00    10.60    28.60   5.03
January        6.77   98.00    11.00    29.80   5.27
February       7.01  120.00    11.50     NA     5.18
March          7.00    NA      11.90     NA     5.28
April          7.43    NA      12.50     NA     5.31
May            7.69    NA      13.60     NA     6.03
June1          7.43    NA      13.10     NA     6.06
--------------------------------------------------------
1 Preliminary.
 
Table 5--Vegetable oil prices
---------------------------------------------------
                      Cotton-  Sun-       
Marketing    Soybean   seed   flower Peanut  Corn  
 year          oil2     oil3    oil4  oil5    oil6 
---------------------------------------------------
                     Cents/lb.
                                                   
1990/91       21.00    24.10   23.67  45.50  27.50 
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 
1995/961      25.00    26.24   25.50  40.00  25.55 
                                                   
1994/95                                            
October       27.06    27.81   28.90  46.00  24.73 
November      29.84    30.72   29.40  50.88  24.75 
December      30.61    31.83   30.63  53.80  24.75 
January       29.04    28.70   29.25  50.25  28.01 
February      28.15    29.95   27.66  41.83  27.26 
March         28.33    27.14   27.97  41.00  28.17 
April         26.30    27.61   26.89  41.25  27.30 
May           26.00    27.51   26.34  40.25  26.42 
June          26.78    30.04   27.30  39.00  26.61 
July          27.60    30.63   28.69  39.13  27.38 
August        26.56    30.26   27.47  41.50  26.35 
September     26.26    28.61   27.41  41.30  25.93 
 
1995/96
October       26.56    27.61   27.49  42.50  26.05
November      25.41    26.27   26.25  41.63  25.54
December      24.76    26.10   25.98  39.20  24.99
January       23.69    24.45   24.65  37.25  24.52
February      23.65    24.35   24.23  36.00  24.30
March         23.60    24.25   24.28  36.60  24.34
April         25.82    26.77   25.63  39.25  26.60
May           26.50    28.46   26.38  42.80  27.98
June1         24.95    27.94   25.72  43.00  25.66
-------------------------------------------------------------------------
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        meal2   meal3   meal4   meal5   meal4
---------------------------------------------------
                        $/Short ton
1990/91     181.40  130.75   88.00  193.00  130.10
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
1995/961    230.00  189.38  130.00  190.00  133.60
 
1994/95
October     168.50  134.40   75.00  151.25  122.50
November    161.00  120.50   69.50  147.50  110.00
December    156.90  114.20   52.50  127.00   95.60
January     156.40  106.75   50.00  105.00   82.40
February    151.30   97.50   46.88  107.50   85.25
March       156.90  100.30   52.50  119.00   90.00
April       161.90   98.10   62.50  125.00   94.40
May         159.10   92.75   60.90  123.75   85.00
June        160.40  108.75   62.38  134.00   85.00
July        170.45  116.90   73.75  138.75   92.50
August      166.70  116.50   83.75  136.25   95.00
September   180.99  137.60    NA    142.00  112.50
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 1      238.80  195.63  135.00  210.00  178.75
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1 Preliminary 2 Hi-pro Decatur 3 41% Memphis 4 Minneapolis 5 50% SE mills
 
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