The USDA released its latest World Agricultural Supply and Demand Estimates (WASDE) on Wednesday June 12, offering few surprises or changes to its soybean and soyoil balance sheets.

As expected by market sources, the agency revised upward its projection for US 2024/25 soybean crop ending stocks, increasing the estimate by 10 million bushels to 455 million bu from 445 million bu in May. In addition, the USDA cut its forecast for Brazil’s 2023/24 soybean production by 1 million tonnes to 153 million tonnes.

The USDA slightly reduced its US soybean oil use forecast for 2024/25. Food and feed consumption for US soyoil during the marketing year was adjusted downward to 14.2 billion lb, while biofuel demand for soyoil in 2024/25 was unchanged on the month at 14.0 billion lb. As a result, total domestic soybean oil usage in 2024/25 was trimmed to 28.2 billion lb.

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