Soybean Oil Demand Expected to Rise to 12 Billion Pounds from 7.9 Billion – USDA

The May World Agriculture Supply and Demand Estimates (WASDE) released by the USDA provided a first look at the 2021/22 crop year expectations. Corn and soybeans projections are showing a much-desired increase in supply.   

For corn, an additional 300,000 acres may be planted, with an additional million acres projected to be harvested.  Yield per acre harvested, was increased 7.5 bushels to 179.5 bushels per acre.  Corn ending stocks are expected to rise nearly 20 percent to 1.507 billion bushels.  The stock-to-use ratio for corn improved from 9.2 percent to 10.2 percent. 

An additional 4.5 million acres of soybeans are expected to be planted. Harvestable acres are projected to increase 4.4 million to 86.7…