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 productio n 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 Declinin g Prospects for South American Soybean Crops

Domestic soybean prices strengthened last month as the likely damage to South American soybean crops increased. The valu e of soybeans at central Illinois country elevators rose 60 cents to a January aver age of $11.83 per bushel. Comparable
increases were seen for other U.S. cash ma rkets. 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. Sal es 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 Metric tons/hectare Million metric tons

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, gl obal 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 w as 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 usua l 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 devel oped, 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 gr owing 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 we ll 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 weathe r 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 reduc tion 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 ep isodes of intense heat. Since mid-January, however, the rainfall has moderately impr oved, 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 th is 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 evenmore 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 soyb ean 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) soybeanvarieties. 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 cont rast, 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 pr ocessors 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 regi on’s dry and hot weather encompassed Uruguay, too, and is anticipated to reduce its soybean yields. The country’s soybean5 Oil Crops Outlook /OCS-12b/February 10, 2012 Economic Research Service, USDA crop is forecast down 100,000 tons this mont h 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 soyb eans 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 201 0/11. 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 m eal 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 he rds for months by outbreaks of disease among the animals. The resulting supply de ficit 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 f eed demand this year should boost the profitability of crushing and gradually quic ken 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 y ear-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. Shipment s 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 fo recast 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 th ey 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 reco rd 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.

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# Moving Agriculture Forward

## Contacts and Links

8 Oil Crops Outlook /OCS-1 2b / February 1 0 , 201 2 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 tex tile 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 an d 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.go v/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 avai lability. Printed copies can be purchased from USDA Order desk by calling 1-800-363-2068 (specify the issue number).

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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g et started.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 -------------------------------------Mi llion bushels

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

2010/11 1 77.4 76.6 43.5 151 3,329 14 3,495 1,648 130 1,501 3,280 215

2011/12 2 75.0 73.6 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, see d Ending

stocks Producti on Imports Total & residual Exports Total stocks

2010/11 Sep-Nov 150.9 3,329.2 3.7 3,483.8 587.7 618.0 1,205.7 2,278.1

Dec-Feb 2,278.1 --- 4.9 2,283.0 481.2 553.0 1,034.2 1,248.8
Mar-May 1,248.8 --- 2.9 1,251.7 408.0 224.5 632.5 619.3 Jun-Aug 619.3 --- 2.9 622.2 301.3 105.8 407.2 215.0
Total 3,329.2 14.4 3,494.5 1,778.2 1,501.3 3,279.5

2011/12
Sep-Nov 215.0 3,056.0 2.8 3,273.9 483.8 424.3 908.1 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 Area1 0 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

2010/11 1 

### 302 39,251 179 39,731 30,278 9,104 39,381 350

2011/12 2 

### 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

.1 1 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

2010/11 1 

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

2011/12 2 

### 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.1 2 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

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

2010/11 1 342 6,098 0 6,440 2,563 275 2,984 5,822 618

2011/12 2 618 5,267 100 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, For eign Trade Statistics.1 3 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 17 0 883 901 767 80 846 54

2010/11 1 

### 54 0 1,163 1,217 1,080 93 1,172 45

2011/12 2 

### 45 0 1,090 1,135 980 105 1,085 50

1 

### Estimated. 2 

### Forecast. Source: USDA, Foreign Agricultural Service, PS&D Online.1 4 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

2009/10 121 0 617 738 551 94 646 93

2010/11 1 

### 93 0 835 928 599 164 763 165

2011/12 2 

### 165 0 755 920 695 125 820 100

1 

### Estimated. 2 

### Forecast. Source: USDA, Foreign Agricultural Service, PS&D Online.1 5 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 3,421 2,130 3,692 5,894 2,675 435 363 592 4,065 1,829

2010/11 1 1,288 1,255 3,312 1,829 4,157 6,050 2,840 587 502 606 4,534 1,516

2011/12 2 1,141 1,098 3,313 1,516 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 acres1 6 Oil Crops Outlook /OCS-12b/February 10, 2012 Economic Research Service, USDA 

### Table 8--Oilseed prices received by U.S. farmers
Marketing Soybeans 2 

### Cottonseed 3 

### S unflowerseed 2 

### Canola 4 

### Peanuts 3 

### Flaxseed 4



### 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

2011/12 1 

### 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

D ecember 11.50 264.00 29.60 23.00 30.80 13.60
January 1 

### 11.70 281.00 29.60 23.40 34.30 13.60

1 

### Preliminary. 2 

### September-August 3 

### August-July 4 

### July-June

NA = Not available. Source: USDA, National Agricultural Statistics Service, Agricultural Prices.1 7 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

2011/12 1 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 5 9.28

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
January 1 50.99 52.19 88.75 55.06 95.81 54.00 NA 51.10

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

2011/12 1 

### 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
January 1 

### 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.