Despite a dimmer outlook for South American soybean production, U.S. exports for 

2011/12 are expected to be unchanged at 1.275 billion bushels as an anticipated 

upswing in sales may only narrow a large gap with last year’s pace of shipments. 

Domestic processing margins for soybeans have not appreciably improved, either, so 

the 2011/12 crush forecast did not change from 1.615 billion bushels. Without changes 

in forecast U.S. soybean demand, the expectation for season-ending stocks is 

unchanged at 275 million bushels. 

Based on smaller South American crops, global soybean production for 2011/12 is 

forecast down by 5.5 million metric tons this month to 251.5 million. In Brazil, drought 

losses in the South are forecast to reduce 2011/12 soybean production by 2 million tons 

this month to 72 million. Soybean production for Argentina in 2011/12 is also forecast 

down this month to 48 million tons from 50.5 million due to lower estimates of area 

and yields. 

0

10

20

30

40

Sep 1 Sep 29 Oct 27 Nov 24 Dec 22 Jan 19 Feb 16 Mar 16 Apr 13 May 11 Jun 8 Jul 6 Aug 3 Aug 31

Million metric tons

Source: USDA, Foreign Agricultural Service, Export Sales.

Figure 1

U.S. export sales of soybeans have little time to close gap with last year

2010/11 Shipments

2010/11 Outstanding sales

2011/12 Shipments

2011/12 Outstanding sales

Oil Crops Outlook 

Mark Ash 

mash@ers.usda.gov 

Losses in South American Soybean Production May 

Revive Interest in U.S. Supplies

OCS-12b 

Feb. 10, 2012

Contents 

Domestic Outlook 

Intl. Outlook 

Contacts & Links 

Tables 

Soybean S&D 

Soybean Meal 

Soybean Oil 

Cottonseed 

Cottonseed Meal 

Cottonseed Oil 

Peanuts 

Oilseed Prices 

Veg. Oil Prices 

Oilseed Meal 

 Prices 

Web Sites 

WASDE 

Oilseed Circular 

Soybeans & Oil Crops 

Briefing Room 

 ------------- 

The next release is 

 Mar 12, 2012 

 -------------- 

 Approved by the 

World Agricultural 

 Outlook Board 
Domestic Outlook 

2 

Oil Crops Outlook/OCS-12b/February 10, 2012 

Economic Research Service, USDA 

 U.S. Prices Rally With Declining Prospects for South American 

Soybean Crops 

Domestic soybean prices strengthened last month as the likely damage to South 

American soybean crops increased. The value of soybeans at central Illinois country 

elevators rose 60 cents to a January average of $11.83 per bushel. Comparable 

increases were seen for other U.S. cash markets. But the impact on the U.S. seasonaverage farm price is muted by the high proportion of the 2011 soybean crop 

already sold by farmers through last month. USDA narrowed the range of its 

2011/12 price forecast to $11.10-$12.30 per bushel from $10.95-$12.45 last month. 

Similarly, the tightening of global supplies boosted January average prices for 

soybean meal (to $311 per short ton from $282 in December) and soybean oil (to 51 

cents per pound from 50.2 cents). 

So far, a dimmer outlook for South American production has benefited U.S. export 

sales very little. In January, U.S. soybean export shipments rebounded compared to 

December but that only accelerated the decline in outstanding sales. New export 

sales from the United States were tempered last month by record January soybean 

shipments from Brazil—supported by seasonally large old-crop stocks. Cumulative 

U.S. export inspections through February 2—at 755.6 million bushels—still lagged 

the previous year’s pace by 268 million bushels. Nonetheless, a brief improvement 

in U.S. sales and shipments is anticipated although that may only help to narrow a 

large gap with last year’s exports. Sales for fall delivery should be even more 

active. Total soybean exports for 2011/12 are expected at 1.275 billion bushels, 

which is unchanged from last month’s forecast and down sharply from the 2010/11 

total of 1.501 billion. 

Domestic processing margins for soybeans have not appreciably improved, either, 

so the 2011/12 crush forecast did not change from 1.615 billion bushels. Without 

changes in forecast U.S. soybean demand, the expectation for season-ending stocks 

is unchanged at 275 million bushels. 
International Outlook 

3 

Oil Crops Outlook/OCS-12b/February 10, 2012 

Economic Research Service, USDA 

1.5

2.0

2.5

3.0

3.5

0

10

20

30

40

50

60

70

80

2007/08 2008/09 2009/10 2010/11 2011/12F

Million metric tons Metric tons/hectare

Source: USDA, Foreign Agricultural Service, PS&D Online .

Figure 2

Production of soybeans in Brazil and Argentina decline with lower yields

Brazil production

Argentina production

Brazil yield (right axis)

Argentina yield (right axis)

Global Soybean Stocks To Fall in 2011/12 as Yield Losses Accumulate in 

South America 

Based on lower South American crops, global soybean production for 2011/12 is 

forecast down to 251.5 million metric tons, compared to 257 million last month and 

the 2010/11 total of 264.2 million. It was previously anticipated that soybean 

production gains for South America would partly offset the reduction in U.S. 

output, but this now seems unlikely. Lower soybean output is expected to reduce 

global ending stocks 13 percent this year to 60.3 million tons. 

In Brazil, soybean production for 2011/12 is forecast 2 million tons lower this 

month to 72 million. Much of the reduction is related to larger crop losses seen for 

Parana. With only about half of the usual seasonal precipitation in this southern 

State, the current drought rivals one from 3 years ago in severity. Farther south, the 

soybeans in Rio Grande do Sul are less developed, but rain is urgently needed to 

ease the stress on these later-sown crops. Despite these threats to soybean 

production in the South, Brazil may still harvest its second-largest crop ever this 

year due to higher area and favorable growing conditions for other regions. The 

pace of harvesting in Mato Grosso has been stalled by a persistence of wet weather 

there. Thus, only about 6 percent of the country’s soybean harvest has been 

completed to date. 

A smaller harvest is expected to trim 2011/12 soybean exports from Brazil to 37.8 

million tons from last month’s forecast of 39 million. Even so, this is still likely to 

set a record volume of soybean trade for the country by a wide margin. Brazil’s 

soybean shipments are also forecast to well exceed U.S. exports (34.7 million tons) 

this year. 
4 

Oil Crops Outlook/OCS-12b/February 10, 2012 

Economic Research Service, USDA 

Across the border in Paraguay, the weather has been just as dry as in Brazil’s 

western Parana, with very little rainfall since early December. Reduced area and 

sharply lower yields are seen shrinking Paraguay’s soybean crop this year to 6.4 

million tons, compared to last month’s forecast of 7.6 million and last year’s record 

crop of 8.3 million. As a result, the reduction in Brazil’s 2011/12 shipments will be 

compounded by lower soybean exports from Paraguay, which are seen being 

800,000 tons lower this month to 5 million. 

A Make-or-Break Period Lies Ahead for Argentine Soybean Yields 

December precipitation for central Argentina was near a historic low for the month. 

The drying was exacerbated by several episodes of intense heat. Since mid-January, 

however, the rainfall has moderately improved, helping to stabilize crop conditions 

and encouraging a resumption of soybean planting. The Argentine Government 

reported that 18.5 million hectares of soybeans were sown through February 2. 

Since farmers are very near the end of the feasible planting window, minimal 

increases in sown area are likely from this point on. USDA lowered its 2011/12 

forecast of soybean area harvested for Argentina by 100,000 hectares this month to 

18.6 million. 

Despite some temporary relief, moisture deficits persist in Argentina. Water 

demand by crops will increase significantly there over the next 2 months as they 

advance into a reproductive stage. The smaller reserve of soil moisture makes the 

rainfall received for February-March even more crucial in determining soybean 

yields. If rains continue like they did a year ago (after a similar bout of early 

dryness), yields can still be close to average. Conversely, it is possible that soybean 

yields could collapse as they did 3 years ago when the drought continued unabated. 

Most affected now are the earliest-sown soybean fields, where the plants have been 

stunted by the adverse growing conditions. And where planting was deferred, 

Argentine farmers were forced to use short-season (but lower-yielding) soybean 

varieties. This month, lower estimates of soybean area and yields for the mostdeveloped fields reduced the 2011/12 production forecast for Argentina to 48 

million tons from 50.5 million. 

Smaller supplies are expected to reduce Argentine soybean exports in 2011/12 to 

8.9 million tons. This is down 900,000 tons from the previous forecast and below 

the 2010/11 exports of 9.2 million. In contrast, the Argentine crushing industry is 

more resistant to a crop reduction as it enjoys a significant advantage in the export 

of soybean products. Operating rates for processors are still close to record highs 

although in a year from now, the crop losses should constrain the industry’s growth. 

The Argentine soybean crush for 2011/12 is forecast at a record 38.9 million tons, 

up from last year’s 37.6 million but down 600,000 tons from last month’s forecast. 

Similarly, Argentine exports of soybean meal and soybean oil would be trimmed 

but still expanding. Soybean carryout stocks in Argentina are also likely to tighten, 

which could curtail exports early in the next marketing year. 

Although Uruguay’s production of soybeans is dwarfed by its larger neighbors, it 

has expanded rapidly over the past decade. This year’s area was estimated up to a 

record 1 million hectares. But the region’s dry and hot weather encompassed 

Uruguay, too, and is anticipated to reduce its soybean yields. The country’s soybean 
5

Oil Crops Outlook/OCS-12b/February 10, 2012 

Economic Research Service, USDA 

crop is forecast down 100,000 tons this month to 1.7 million. Nearly all the soybean 

crop in Uruguay is exported. 

Moderating Soybean Demand Seen for China 

Tightening supplies and higher prices for soybeans are likely to slow the growth of 

global imports. World soybean imports in 2011/12 is seen rising to 90.8 million, 

which would be up from 88.8 million in 2010/11. However, compared to last 

month, the trade forecast is reduced 2.2 million tons. China—which accounts for 

approximately 60 percent of world soybean trade—figures prominently in this 

market development. 

For China, October 2011-January 2012 soybean imports totaled 19.5 million tons—

down slightly from 19.8 million a year earlier. Processing margins in China have 

been pressured by sluggish soybean meal demand and industry overcapacity. The 

growth in domestic feed demand has been interrupted by a low output of hogs. 

Producers have been forced to reduce herds for months by outbreaks of disease 

among the animals. The resulting supply deficit for pork (the country’s most 

popularly consumed meat) has been filled by imports. As soon as better control is 

gained over these animal diseases, rising feed demand this year should boost the 

profitability of crushing and gradually quicken the pace of soybean imports. At the 

same time, U.S. shipments could regain a modestly higher trade share of China’s 

soybean imports. Given the recent strength in prices, however, it is unlikely that 

demand by China’s crushers would expand strongly enough to reach USDA’s prior 

forecast of this year’s imports. Soybean imports by China in 2011/12 were forecast 

1 million tons lower this month to 55.5 million. 

Demand for the Canadian Canola Crop Is Growing Strongly 

Last year’s record-large canola (rapeseed) harvest in Canada is disappearing 

rapidly. The evidence is that—despite a year-to-year increase in canola supplies of 

nearly 800,000 tons—the country’s stocks on December 31 were 140,000 tons 

lower than a year earlier. This rapid decline in canola stocks can be primarily 

attributed to robust export demand. Exports of canola from Canada are expected at a 

record 8 million tons in 2011/12—up 800,000 tons from last month’s forecast and 

last year’s total of 7.21 million. According to the Canadian Grain Commission, 

exports of canola were 4.7 million tons through January 29—more than 1 million 

tons ahead of last year’s pace. Shipments to China accounted for a majority of the 

increase. After declining last year, rapeseed crushing in China is expanding again. 

China’s 2011/12 rapeseed imports were forecast 200,000 tons higher this month 

to 1.4 million. 

Domestic use of canola is strong, too, as Canadian processors are now better 

equipped to use the plant capacity that they added several years ago. For AugustDecember 2011, the cumulative canola crush was 2.9 million tons compared to the 

previous year’s record pace of 2.6 million. This month, USDA raised its 2011/12 

forecast for the canola crush in Canada by 100,000 tons to 6.65 million. Thus, even 

with Canada’s record supply of canola, brisk use could slash the season-ending 

stocks to an 8-year low of 1.1 million tons. 
6

Oil Crops Outlook/OCS-12b/February 10, 2012 

Economic Research Service, USDA 

To a large extent, the additional supplies of canola products generated by Canadian 

crushers are being absorbed by the U.S. import market. An expansion of U.S. 

canola oil imports is forecast to a record 1.5 million metric tons this year—more 

than twice the volume just 5 years ago. These imports from Canada are helping to 

offset lower U.S. production of soybean oil and sunflowerseed oil. Also, U.S. 

canola meal imports could climb to a record 2.45 million metric tons in 2011/12 

from 2.04 million in 2010/11. 

China may also be importing more Canadian meal, too, after it recently banned 

rapeseed meal imports from India over a phytosanitary issue. These additional 

supplies, combined with a higher output of domestically processed rapeseed meal, 

could offset a moderate lowering of the country’s soybean meal supply. 

 
USDA – Growing, Innovating, and Celebrating 150 Years 

February 23-24, 2012

Crystal Gateway Marriott Hotel • Arlington, Virginia

Early Registration $375 until January 23, 2012

$425 after January 23

To register, go to: 

www.usda.gov/oce/forum

 — more than 80 speakers —

Program at a Glance is available online 

United States Department of Agriculture

Moving Agriculture Forward 
Contacts and Links 

8

Oil Crops Outlook/OCS-12b/February 10, 2012

Economic Research Service, USDA 

Data 

Monthly tables from Oil Crops Outlook are available in Excel (.xls) spreadsheets at 

http://www.ers.usda.gov/briefing/soybeansoilcrops/Data/data.htm. These tables contain the 

latest data on the production, use, imports, exports, prices, and textile trade of cotton and 

other fibers. 

Recent Reports 

Economic Analysis of Base Acre and Payment Yield Designations Under the 2002 U.S. 

Farm Act evaluates farmers' decisions to designate base acres under the 2002 Farm Act. 

Findings suggest that decisionmakers responded to economic incentives in their 

designations of base acres by selecting those options that resulted in the greatest expected 

flow of program payments, http://www.ers.usda.gov/publications/ERR12/. See also Farm 

Program Acres for the county-level farm program and planted acreage data used in the 

report, which can be downloaded and mapped. http://www.ers.usda.gov/data/baseacres/ 

Related Websites 

Oil Crops Outlook, 

http://usda.mannlib.cornell.edu/MannUsda/viewDocumentInfo.do?documentID=1288

WASDE, 

http://usda.mannlib.cornell.edu/MannUsda/viewDocumentInfo.do?documentID=1194

Oilseed Circular, http://www.fas.usda.gov/oilseeds_arc.asp

Soybeans and Oil Crops Briefing Room, 

http://www.ers.usda.gov/briefing/soybeansoilcrops/ 

Contact Information 

Mark Ash (soybeans, vegetable oils), (202) 694-5289, mash@ers.usda.gov

Verna Daniels (web publishing), (202) 694-5301, vblake@ers.usda.gov

Subscription Information 

 Subscribe to ERS’ e-mail notification service at http://www.ers.usda.gov/updates/ to 

receive timely notification of newsletter availability. Printed copies can be purchased 

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To order printed copies of the five field crop newsletters—cotton and wool, feed, rice, 

oil crops, and wheat—as a series, specify series SUB-COR-4043. 

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have two ways they can receive an 

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9

Oil Crops Outlook/OCS-12b/February 10, 2012 

Economic Research Service, USDA 

Table 1--Soybeans: Annual U.S. supply and disappearance

Yield Supply Use

Year begin. Planted Harvested Beginning Crush Seed, feed Ending

Sept. 1 stocks Production Imports Total & residual Exports Total stocks

Bu./acre -------------------------------------Million bushels----------------------------------------

2009/10 76.4 77.5 44.0 138 3,359 15 3,512 1,752 110 1,499 3,361 151 

2010/111 76.6 77.4 43.5 151 3,329 14 3,495 1,648 130 1,501 3,280 215 

2011/122 73.6 75.0 41.5 215 3,056 15 3,286 1,615 121 1,275 3,011 275 

Soybeans: Quarterly U.S. supply and disappearance

 Supply Use

Beginning Crush, seed Ending

stocks Production Imports Total & residual Exports Total stocks

2010/11

 Sep-Nov 3,329.2 150.9 3,483.8 3.7 587.7 1,205.7 618.0 2,278.1 

 Dec-Feb 2,278.1 --- 4.9 2,283.0 481.2 1,034.2 553.0 1,248.8 

 Mar-May 1,248.8 --- 2.9 1,251.7 408.0 632.5 224.5 619.3 

 Jun-Aug --- 2.9 619.3 622.2 301.3 407.2 105.8 215.0 

Total 14.4 3,329.2 3,494.5 1,778.2 3,279.5 1,501.3 

2011/12

 Sep-Nov 3,056.0 215.0 3,273.9 2.8 483.8 908.1 424.3 2,365.8 

1

 Estimated. 2 Forecast. 

Sources: USDA, National Agricultural Statistics Service, Crop Production and Grain Stocks and U.S. Deparment of Commerce, U.S. Census Bureau,

Foreign Trade Statistics.

Million acres

Area
10

Oil Crops Outlook/OCS-12b/February 10, 2012 

Economic Research Service, USDA 

Table 2--Soybean meal: U.S. supply and disappearance

 Supply Disappearance

Year begin. Beginning Ending 

Oct. 1 stocks Production Imports Total Domestic Exports Total stocks 

 1,000 short tons

2009/10 235 41,707 160 42,101 30,640 11,159 41,800 302

2010/111 302 39,251 179 39,731 30,278 9,104 39,381 350

2011/122 350 38,685 165 39,200 30,100 8,800 38,900 300

1

 Estimated. 2 Forecast. 

Source: USDA, World Agricultural Outlook Board, World Agricultural Supply and Demand Estimates.
11

Oil Crops Outlook/OCS-12b/February 10, 2012 

Economic Research Service, USDA 

Table 3--Soybean oil: U.S. supply and disappearance

 Supply

Year begin. Beginning Production Imports Total Domestic Exports Total Ending 

Oct. 1 stocks Total Methyl ester stocks 

 Million pounds

2009/10 2,861 19,615 103 22,578 15,814 1,676 3,359 19,173 3,406

2010/111 3,406 18,888 159 22,452 16,794 2,550 3,233 20,027 2,425

2011/122 2,425 18,605 185 21,215 17,700 3,600 1,200 18,900 2,315

1

 Estimated. 2 Forecast.

Source: USDA, World Agricultural Outlook Board, World Agricultural Supply and Demand Estimates.
12

Oil Crops Outlook/OCS-12b/February 10, 2012 

Economic Research Service, USDA 

Table 4--Cottonseed: U.S. supply and disappearance

 Supply Disappearance

Year begin. Beginning Ending 

Aug. 1 stocks Production Imports Total Crush Exports Other Total stocks 

 1,000 short tons

2009/10 4,149 514 24 4,687 1,901 296 2,149 4,345 342 

2010/111 6,098 342 0 6,440 2,563 275 2,984 5,822 618 

2011/122 5,267 618 100 5,985 2,400 160 2,995 5,555 430 

1

 Estimated. 2 Forecast.

Sources: USDA, National Agricultural Statistics Service, Crop Production and U.S. Department of Commerce,

U.S. Census Bureau, Foreign Trade Statistics.
13

Oil Crops Outlook/OCS-12b/February 10, 2012 

Economic Research Service, USDA 

Table 5--Cottonseed meal: U.S. supply and disappearance

 Supply Disappearance

Year begin. Beginning Ending 

Oct. 1 stocks Imports Production Total Domestic Exports Total stocks 

 1,000 short tons

2009/10 0 883 17 901 767 846 80 54 

2010/111 0 1,163 54 1,217 1,080 93 1,172 45

2011/122 0 1,090 45 1,135 105 980 1,085 50

1

 Estimated. 2 Forecast.

Source: USDA, Foreign Agricultural Service, PS&D Online.
14

Oil Crops Outlook/OCS-12b/February 10, 2012 

Economic Research Service, USDA 

Table 6--Cottonseed oil: U.S. supply and disappearance

 Supply Disappearance

Year begin. Beginning Ending 

Oct. 1 stocks Imports Production Total Domestic Exports Total stocks 

 Million pounds

2009/10 0 121 617 738 551 646 94 93 

2010/111 0 93 835 928 599 164 763 165 

2011/122 0 165 755 920 695 125 820 100 

1

 Estimated. 2 Forecast.

Source: USDA, Foreign Agricultural Service, PS&D Online.
15

Oil Crops Outlook/OCS-12b/February 10, 2012 

Economic Research Service, USDA 

Table 7--Peanuts: U.S. supply and disappearance

Yield Disappearance

Year begin. Planted Harvested Beginning Domestic Seed & Ending 

Aug. 1 stocks Production Total food Crush residual Exports Total stocks 

Pounds/acre Million pounds

2009/10 1,116 1,079 2,130 3,421 3,692 5,894 2,675 435 363 592 4,065 1,829

2010/111 1,255 1,288 1,829 3,312 4,157 6,050 2,840 587 502 606 4,534 1,516

2011/122 1,098 1,141 1,516 3,313 3,636 5,232 2,860 425 372 525 4,182 1,050

1

 Estimated. 2 Forecast.

Sources: USDA, National Agricultural Statistics Service, Crop Production and Peanut Stocks and Processing, and U.S. Department of Commerce,

U.S. Census Bureau, Foreign Trade Statistics.

Area

1,000 acres
16

Oil Crops Outlook/OCS-12b/February 10, 2012 

Economic Research Service, USDA 

Table 8--Oilseed prices received by U.S. farmers

Marketing Soybeans2 Cottonseed3

Sunflowerseed2 Canola4 Peanuts3 Flaxseed4

year

$/bushel $/ton $/cwt. $/cwt. Cents/pound $/bushel 

2000/01 4.54 105.00 6.89 6.71 27.40 3.30

2001/02 4.38 90.50 9.62 8.77 23.40 4.29

2002/03 5.53 101.00 12.10 10.60 18.20 5.77

2003/04 7.34 117.00 12.10 10.60 19.30 5.88

2004/05 5.74 107.00 13.70 10.70 18.90 8.07

2005/06 5.66 96.00 12.10 9.62 17.30 5.94

2006/07 6.43 111.00 14.50 11.90 17.70 5.80

2007/08 10.10 162.00 21.70 18.30 20.50 13.00

2008/09 9.97 223.00 21.80 18.70 23.00 12.70

2009/10 9.59 158.00 15.10 16.20 21.70 8.15

2010/11 11.30 161.00 23.30 19.30 22.50 12.20

2011/121 11.10-12.30 245-275 28.40-30.40 22.30-24.30 29.00-31.00 13.30-14.50

2010/11

 September 9.98 154.00 18.10 17.40 19.90 10.80

 October 10.20 158.00 19.90 18.20 21.40 11.80

 November 11.10 162.00 18.70 19.10 22.30 12.60

 December 11.60 163.00 20.60 19.50 24.00 13.10

 January 11.60 165.00 21.90 20.30 23.00 13.80

 February 12.70 172.00 27.40 20.40 23.50 15.30

 March 12.70 NA 28.30 23.40 23.40 13.70

 April 13.10 NA 28.80 24.80 23.10 13.50

 May 13.20 NA 30.00 23.50 22.80 14.20

 June 13.20 NA 29.00 25.10 23.30 15.40

 July 13.20 NA 30.40 24.30 23.90 15.40

 August 13.40 213.00 32.20 23.10 23.20 14.30

2011/12

 September 12.20 245.00 32.90 23.20 23.20 13.50

 October 11.70 245.00 29.60 22.70 28.30 13.90

 November 11.70 269.00 29.00 23.30 33.10 14.00

 December 11.50 264.00 29.60 23.00 30.80 13.60

 January1 11.70 281.00 29.60 23.40 34.30 13.60

1

 Preliminary. 2 September-August 3August-July 4 July-June

NA = Not available.

Source: USDA, National Agricultural Statistics Service, Agricultural Prices. 
17

Oil Crops Outlook/OCS-12b/February 10, 2012 

Economic Research Service, USDA 

Table 9--U.S. vegetable oil and fats prices

Marketing Soybean Cottonseed Sunflower Canola Peanut Corn Lard 6 Edible 

year oil 2 oil 3 oil 4 oil 4 oil 5 oil 6 tallow 6 

Cents/pound

2000/01 14.15 15.98 15.88 17.56 34.97 13.54 14.61 13.43 

2001/02 16.46 17.98 23.25 23.45 32.23 19.14 13.55 13.87 

2002/03 22.04 37.75 33.13 29.75 46.70 28.17 18.13 17.80 

2003/04 29.97 31.21 33.42 33.76 60.84 28.43 26.13 22.37 

2004/05 23.01 28.01 43.71 30.78 53.63 27.86 21.80 18.48 

2005/06 23.41 29.47 40.64 31.00 44.48 25.18 21.74 18.16 

2006/07 31.02 35.70 58.03 40.57 52.99 31.80 28.43 27.32 

2007/08 52.03 73.56 91.15 65.64 94.53 69.40 40.85 41.68 

2008/09 32.16 37.10 50.24 39.54 78.49 32.75 26.72 25.47 

2009/10 35.95 40.27 52.80 42.88 59.62 39.29 31.99 32.26 

2010/11 53.20 54.50 86.12 58.68 77.24 60.76 51.52 51.34 

2011/121 50.5-54.5 51.0-55.0 90.5-94.5 55.5-59.5 96.0-100.0 53.0-57.0 49.5-53.5 50.0-54.0

2010/11

October 44.02 47.20 56.00 51.45 71.40 47.50 46.64 37.00 

November 47.62 50.75 63.00 53.63 75.13 51.96 37.32 41.75 

December 51.51 54.00 62.90 58.25 77.90 54.71 38.30 45.00 

January 53.84 55.92 74.13 59.50 80.06 57.91 48.50 50.10 

February 54.21 56.75 85.63 60.13 79.63 63.39 49.60 49.90 

March 54.07 55.50 96.75 60.25 77.50 67.72 52.00 51.75 

April 56.65 57.70 101.20 62.05 78.70 68.89 51.50 52.83 

May 56.09 56.06 103.75 60.19 82.81 68.33 54.31 53.87 

June 55.68 55.25 103.25 59.56 78.50 66.70 56.75 57.41 

July 55.16 54.75 97.00 60.70 88.05 62.00 63.00 60.89 

August 54.39 54.75 95.00 60.00 95.56 62.00 58.96 56.35 

September 55.13 55.35 94.80 58.45 97.50 57.95 61.33 59.28

2011/12

October 51.73 51.56 92.50 56.81 97.00 54.24 61.10 52.09 

November 51.44 50.50 91.00 56.13 98.75 53.98 48.86 45.51 

December 50.17 51.10 91.00 55.40 96.10 53.36 48.71 50.78 

January1 50.99 52.19 88.75 55.06 95.81 NA 51.10 54.00

1

 Preliminary. 2 Decatur, IL. 3 PBSY Greenwood, MS. 4 Midwest. 5 Southeast mills. 6 Chicago.

Sources: USDA, Agricultural Marketing Service, Monthly Feedstuff Prices and Milling and Baking News. 
18 

Oil Crops Outlook/OCS-12b/February 10, 2012 

Economic Research Service, USDA 

Table 10--U.S. oilseed meal prices 

Marketing Soybean Cottonseed Sunflower Peanut Canola Linseed 

year meal 2 meal 3 meal 4 meal 5 meal 6 meal 7 

 $/Short ton

2000/01 173.62 142.93 90.50 119.75 139.20 121.92 

2001/02 167.72 136.16 87.27 112.32 143.33 121.29 

2002/03 181.58 146.12 105.00 128.35 144.06 122.91 

2003/04 256.05 183.47 111.14 177.56 188.45 159.25 

2004/05 182.90 124.04 85.50 118.34 139.75 115.55 

2005/06 174.17 144.27 77.46 106.98 140.52 115.53 

2006/07 205.44 150.36 104.88 100.00 173.50 133.01 

2007/08 335.94 253.81 172.81 NA 251.32 228.81 

2008/09 331.17 255.23 152.46 NA 248.82 220.89 

2009/10 311.27 220.90 151.04 NA 224.92 209.23 

2010/11 345.52 273.84 219.72 NA 263.63 240.65 

2011/121 290-320 230-260 220-250 NA 235-265 230-260

2010/11

 October 321.92 225.31 190.63 NA 251.03 208.75 

 November 341.78 235.00 211.50 NA 257.73 237.50 

 December 351.93 240.63 217.50 NA 265.54 234.38 

 January 368.54 245.63 205.63 NA 275.80 255.00 

 February 358.59 258.75 209.38 NA 261.20 256.25 

 March 345.43 256.50 210.00 NA 260.32 236.50 

 April 335.87 240.00 196.25 NA 254.68 225.63 

 May 342.30 275.50 203.13 NA 267.82 231.88 

 June 347.45 307.50 240.63 NA 263.45 254.38 

 July 346.52 313.13 241.25 NA 277.55 260.63 

 August 349.60 342.50 247.00 NA 271.04 247.50 

 September 336.32 345.63 263.75 NA 257.34 239.38 

2011/12

 October 301.45 255.63 232.50 NA 238.70 243.75 

 November 290.37 240.50 224.00 NA 235.20 239.00 

 December 281.65 220.63 225.63 NA NA 221.25 

 January1 310.65 213.00 223.50 NA 253.98 209.00 

1

 Preliminary. 2 Hi-pro Decatur, IL. 3 41% Memphis. 4 34% North Dakota-Minnesota.

5

 50% Southeast mills. 6 36% Pacific Northwest. 7 34% Minneapolis. NA= Not available.

Source: USDA, Agricultural Marketing Service, Monthly Feedstuff Prices.