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OUTLOOK FOR SOYBEAN MEAL AND CORN

OUTLOOK FOR SOYBEAN MEAL AND CORN. יום עיון רפתות גליל מערבי 19.02.08. Soybean led recovery expected next year, but will remain well below levels of two years ago. First decline since 95/96, decline is record large.

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OUTLOOK FOR SOYBEAN MEAL AND CORN

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  1. OUTLOOK FOR SOYBEAN MEAL AND CORN • יום עיון רפתות גליל מערבי 19.02.08

  2. Soybean led recovery expected next year, but will remain well below levels of two years ago

  3. First decline since 95/96, decline is record large

  4. Record yearly decline in world soybean production, assuming normal South American yields

  5. Relatively small increase in South America production is expected. Would not take much of a crop problem before production is lower than the previous year

  6. US Soybeans Stock Deviation

  7. US Soybeans Carry Out and Stock To Use Ratio

  8. US stocks are declining to minimum levels. No signs of sufficient rationing yet. Supply tightness in the 08/09 season could become more severe if a large increase in area is not secured.

  9. Caution, La Nina could reduce yields for Southern Brazil

  10. La Nina could increase risk for adverse weather and lower yield

  11. CBOT Soybeans Futures Prices (nearby contract)

  12. JUL08-NOV08 Futures Spread

  13. Soybean Meal outlook

  14. Expect the meal/corn ratio to move to 2.5. Based on a corn price of $3.15-$4.75 per bushel, soybean meal would be $288-$424 per ton

  15. Crush Margins

  16. CBOT Soybean Meal Futures Prices

  17. Soybean Oil Outlook

  18. CBOT Soybean Oil Futures Prices

  19. Soy Complex

  20. Corn Outlook

  21. Ethanol keeps shifting the price curve upwards. The price curve is likely higher than the line running through 06/07.

  22. Soybeans – Corn Ratio

  23. CBOT Corn Futures Prices

  24. Thank you!

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