Hamburg-based oilseeds analysts Oil World said May 4 it has raised its forecast of the global 2009-10 soybean crop to 258.2 million tonnes, up 2.7 million tonnes from its previous forecast in March and up by 46.5 million tonnes from last season. This would be above Oil World’s forecast global 2009-10 soybean consumption of 234.2 million tonnes. There was “no doubt” that world soybean supplies were now becoming excessive, it said. “There is a relatively high probability that prices of soybeans and meal will come under considerable pressure unless U. S. weather and crop prospects deteriorate,” it said. Critical South American crops, now being harvested, were likely to be far above their drought-reduced levels last year, it said.
Kansas wheat looks good
Wheat in central Kansas shows good yield potential with no signs of disease, said crop scouts on the first leg of an annual tour through the largest wheat-growing state last Tuesday. Scouts travelling the route through Dickinson, Marion and McPherson counties checked six fields and calculated an average yield potential of 44.1 bushels per acre (bpa). Last year, scouts travelling along the same route calculated an average yield of 38 bushels. Scouts in a second car traveling the same route reported yield potential on eight fields ranging from 31 to 45 bpa.