C34—Lancaster Farming, Saturday, February 16,1980
Record soybean supplies put pressure on prices
WASHINGTON, D.C. -
U.S. soybean supplies this
marketing year total a
record high 2.44 billion
bushels, 20 percent more
than in 1970-79. According to
the U.S. Department of
Agriculture, total soybean
use is expected to expand on
ly eight percent to 2.0 billion
bushels, so carryover stocks
next September may rise to
around 440 million bushes -
2.5 times greater than the
September 1979 carryover
and a new high.
Summarizing the Fats and
Oils Situation, economics
with USDA’s Economics,
Statistics, and Cooperatives
Service said that the large
excess of supply over poten
tial demand resulted in
downward pressure on soy
bean prices.
Prices received by
Del. slates wood
stove seminar
NEWARK, De, Because
more people in Delaware are
using wood as fuel, and are
concerned about the fire
hazards and many other
aspects of wood burning, a
wood stove safety seminar is
scheduled for Thursday,
February 21, at 7 p.m, in the
Millcreek Volunteer Fire
Hall, located at 3900 Kirk
wood Highway, Wilmington,
Del.
The seminar is designed
for interested consumers,
especially wood burners and
those thinking about using
wood as a primary or sup
plemental source of heat.
Program topics will in
clude basic considerations
for the new or future wood
burner, safe wood stove
installation and operation,
wood as a fuel, chimney
maintenance, and other fire
safety considerations.
A wood stove retailer, fire
safety instructor, energy
official, forester, insurance
representative, building
pat*
MAN
MARVIN J. HORST
1950 S. sth Ave., Lebanon, PA
717-272-0871
FOR BEST RING-DRIVE SILO UNLOADER
farmers for soybeans declin
ed from $6.35 per bushel m
October to $6.06 in mid-
January, about 50 cents
below January 1979.
Soybean prices have
recovered since the Jan. 4
suspension of agricultural
exports to the USSR. But if
the 1980 South American soy
bean crops come m at the
projected record 19 million
metric tons (30 percent more
than in 1979), prices may be
under pressure again during
the spring and summer.
World soybeans supplies will
be large relative to expan
ding demand.
U.S. soybean crushings
this season are running nine
percent ahead of the 1978-79
pace and are expected to ap
proximate 1.1 billion bushels
for the entire marketing
year.
The December 1979 crush
' inspector, and chimney
sweep will share their
concern in regards to wood
burning. There also will be
wood stove exhibits.
The event is sponsored by
the Cooperative Extension
Service in cooperation with
the Millcreek Volunteer Fire
Company, the Delaware
State Fire School and
Delaware Department of
Agriculture.
There is no admission
charge, but those desiring
additional information are
asked to call 302/73&-2506.
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hit a record 104 million
bushesl which utilized more
than 90 percent of the in
dustry’s processing capaci
ty. Increased crushings
reflect relatively favorable
processing margins, larger
hog and poultry production,
and heavier soybean meal
feeding because of slightly
lower meal prices.
Soybeans inspected for ex
port are running four per
cent ahead of last season,
and for all of 1979-80 may
total about 0.8 billion
bushels.
USDA’s planting inten
tions survey as of January 1
indicated that about 71.5
million acres of soybeans
will be seeded in 1980, about
the same as in 1979.
However, since the prospec
tive plantings survey was
made prior to the Presi
dent’s partial suspension of
gram shipments to the
USSR, many farmers may
alter their final planting
decisions. Even so, soybean
supplies in 1980-81 probably
will be record high mainly
because of the record-large
carryover expected next
fall.
Cottonseed production for
the current crop year is
estimated at 5.8 million short
tons, about 36 percent more
than m 1978/79. The sharpest
increases were in Texas and
Califomia-these two States
accounted for 62 per cent of
total production and 85 per
cent of the 1% million-ton
gain over last year.
Crushing capacity may not
be adequate to process the
big cottonseed crops in the
Southwest and Far West,
resulting m a sharp increase
in carryover stocks next
August 1 - possibly doubling
last year’s 0.5 million tons.
Cottonseed crushings so
far this marketing year are
fagging year-ago levels by 13
per cent while seed stocks at
mills are up over 40 percent.
Prices received by farmers
declined from $125 per ton m
October to $ll3 in January.
Sunflowerseed supplies
are estimated at 3.6 million
metric tons, about 90 percent
more than in 1978-79.
Domestic use is projected at
0.7 million metric tons and
exports may rise 50 per cent
from last year’s 1.4 million
tons, leaving carryover
stocks of sunflower next
September a record -
around three-quarters of a
million tons.
Exports are running about
the same as a year ago and
are expected to pickup,
while crushings are up 59 per
cent.
Heavy supplies pushed
prices received by farmers
down from about 9.5 cents
per pound in October to
below 9 cents m mid-
January, sharply below
year-ago levels. Although
Jan. 1 planting intentions in
dicated that 1980 sunflower
acreage will decline about 10
per cent from last year’s 5.8
million acres, actual
acreage may be higher smce
prices have shown some
recovery since mid-January.
Total production of fats
and oils this marketing year
PARS SOIL SERVICE
has a new solution
TO AN OLD PROBLEM.
(LIQUID CALCIUM SOLUTION)
For Correction of Calcium
Deficiency in Crops
BULK DELIVERY AVAILABLE I
ON YOUR FARM |
For Information Call:
PARS SOIL SERVICE
Box 488, RDI
Elizabethtown, PA TOiirW
717-367-2667 or 717-872-7342
EARLY PAYMENT DISCOUNT AVAILABLE
likely will exceed 17 million
tons - about one-fifth more
than in 1978-79 - primarily
due to larger edible
vegetable oil production and
lard. Domestic use of fats
and oils is running 2 per cent
ahead of the 1978-79 pace and
for all of 1979-80 probably
will fall well below last
year’s above-trend growth
rate of eight per cent.