While American farmers might have a smaller soybean crop this year, that feedstock and other oilseeds for biodiesel production is expected to be at record levels on the global market.
The latest USDA World Agricultural Supply and Demand Estimates report says the U.S. soybean crop will be down to 2.93 billion bushels… 39 million bushels lower than previous estimates. But this story from Biodiesel Magazine says the rest of the world is taking up the slack:
The lowered prospects for U.S. production is due primarily to lower yield projections in the eastern Corn Belt. The soybean crush was reduced 30 million bushels due to sharply lower projected domestic soybean meal use and meal exports…
Soybean oil stocks for 2007-’08 are reduced, reflecting lower production…
Global soybean production is projected at a record 238 million tons, up 9 percent from 2007-‘08. Argentina soybean production was raised to a record 50.5 million tons based on higher expected area. China soybean production was raised 500,000 tons to 16.5 million based on increased yields. Global rapeseed production was raised 1.2 million tons to 53.4 million, an 11 percent increase over 2007-‘08. Rapeseed crops are projected higher for Canada, EU-27, and Belarus. Other changes include increased global oilseed stocks, which were raised 3 million tons to 60.4 million for 2008-’09 – primarily due to increased rapeseed stocks in Canada and increased soybean stocks in South America and China.