[bad news Limited] USDA report in June: the pressing of old American bean decreased, and the output of Brazil increased

[bad news Limited] USDA report in June: the pressing of old American bean decreased, and the output of Brazil increased
This month’s U.S. soybean supply and demand forecast for 2021 / 22 includes an increase in inventory at the beginning and end of the period. The higher opening inventory reflects a lower squeeze forecast for 2020 / 21. Based on the prediction of the decline of domestic consumption and the increase of import of soybean meal, soybean crushing will decrease by 15 million bushels to 2 175 million bushels in 2020 / 21. At the end of 2020 / 21, the inventory increased to 135 million PU. Soybean oil exports will decrease by 400 million pounds to 1.9 billion pounds in 2020 / 21, because high oil prices in the United States will reduce its competitiveness in the world market. On the contrary, domestic consumption of soybean oil increased by 225 million pounds, reflecting strong consumption to date. Due to the increase of soybean initial inventory and no change in use in 2021 / 22, the final inventory is expected to be 155 million bushels