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USDA

United States
Department of
Agriculture

Economic
Research
Service
OCS-1998
October 1998

Oil Crops
Situation and
Outlook Yearbook
ERSOCS1998
1111111111111111111111111111111111111

Oil Crops Yearbook. Market and Trade Economics Division, Economic


Research Service, U.S. Department of Agriculture, October 1998. OCS-1998.

Contents
Summary
U.S. Soybean Situation
World Oilseed and Protein Meal Situation
World Vegetable Oil Situation
Situation for Other U.S. Oil Crops
Cottonseed
Peanuts
Sunflowerseed
Other Minor Oilseeds
Corn Oil
Other Fats and Oils Highlights
Imported Oils
Animal Fats
End Uses of Fats and Oils
Special Articles
Soybean Supply and Use Tables Published for First Time in China
Despite Rise of Market Forces, Continued Government Intervention
in China's Soybean Economy Adds Uncertainty in World
Oilseed Markets
List of Tables

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Coordinators
Scott Sanford (202) 694-5309
Mark Ash (202) 694-5289

Principal Contributors
Mark Ash (202) 694-5289 (Soybeans)
Scott Sanford (202) 694-5309 (Peanuts)
Mae Dean Johnson (202) 694-5299 (Statistics)

Editor
PROTECTED UNDER INTERNATIONAL COPYRIGHT
ALL RIGHTS RESERVED.
NATIONAL TECHNICAL INFORMATION SERVICE
U.S. DEPARTMENT OF COMMERCE

Diane Decker

Design & Layout


Cynthia A. Ray

Approved by the World Agricultural Outlook Board.


Summary released October 30, 1998. Summaries and text of

Reproduced from
best available copy.

Situation and Outlook reports may be accessed electronically via the ERS Web Site (http://www.econ.ag.gov).

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Oil Crops Situation and Outlook/OCS-1998/0ctober 1998

Economic Research Service/USDA

Summary
Tight Carryin Stocks, Record Oilseed Harvests
Led to Robust Demand in 1997/98
Following 2 years of delayed plantings, firm soils advanced
U.S. soybean planting in 1997 to the fastest start since 1994.
U.S. farmers planted 70.6 million acres of soybeans in 1997,
6.3 million more than in the preceding year. Very strong
soybean prices (versus corn, sorghum, wheat, and cotton),
the absence of acreage set aside programs, modifications of
farm rotations to include more soybeans, declining costs of
production, and optimum planting conditions led to the
surge in soybean area. U.S. soybean production in 1997 was
2,703 million bushels, surpassing the 1994 record by 186
million bushels. The final U.S. average soybean yield settled
to 38.8 bushels per acre, second only to 1994.
Tight world supplies and brisk foreign demand spurred 6
months of heavy U.S. exports until the record 1997/98 South
America soybean harvest appeared. U.S. soybean exports for
the season, however, totaled 870 million bushels, down from
882 million a year earlier. The resurgence of soybean oil
prices and the drop in the cost of soybeans enhanced crushing margins in the first half of the marketing year. Greater
investment in U.S. capacity and the advent of the large South
American harvest created very narrow margins in the second
half, but U.S. processors continued to successfully defend
their world market share. As a consequence, 1997/98 domestic crush rose to a record 1,597 million bushels. Despite the
264-million bushel increase in supplies, year ending soybean
stocks increased only 68 million bushels.
U.S. crushers produced a record 18.1 billion pounds of soybean oil in 1997/98 in response to a global shortfall in vegetable oil. Domestic disappearance of crude soybean oil
increased from 14.3 billion pounds in 1996/97 to 15.2 billion. Soybean oil prices rose steadily since the summer
1997, with the 1997/98 average price increasing to 25.8
cents per pound. The spike in demand cut 1997/98 U.S. soybean oil ending stocks to 1,387 million pounds, down from
1,520 million a year earlier. U.S. 1997/98 soybean oil
exports swelled to 3.25 billion pounds, surpassing the previous high of 2.7 billion set in 1979/80.
A strengthening world oil market in 1997/98 accelerated the
crush, generating ample volumes of soybean meal and cutting soybean meal prices. The central Illinois cash price for
high protein soybean meal averaged $186 per short ton, considerably less than the $271 a year earlier. Total 1997/98
meal exports were 9.4 million short tons, far surpassing the
1979/80 record. With a larger U.S. livestock inventory and
considerably lower soybean meal prices, domestic disappearance rose to 28.7 million short tons from 27.3 million
in 1996/97.
Global trade in major oilseeds reached an estimated peak of
53.4 million tons in 1997/98, surpassing the previous season's total by 3.9 million tons. Soybeans remained the undisputed leader with 40.0 million tons traded. World meal use in

Economic Research Service/USDA

1997/98 was estimated at 155.5 million tons. Global soybean


meal consumption was about 99.4 million tons, up 7 percent
from 1996/97. World protein meal trade also reached a high
of 51.4 million metric tons in 1997/98. Global vegetable oil
output rose to 76.8 million tons, the smallest increase since
1992/93. Drought throughout Southeast Asia held down production of tropical oils throughout 1998. However, growth in
world vegetable oil consumption outstripped the increase in
production, rising to 77.3 million tons. As a result, world
vegetable oil ending inventories dropped to only 8.5 percent
of use, the lowest since the early 1970s. Estimated global
vegetable oil trade in 1997/98 increased to 29.3 million tons,
up 430,000 from 1996/97.
Lower yields in 1997 caused cottonseed production to fall
2.9 percent to 6.935 million short tons. Cottonseed crush
and exports were up 15,000 short tons each from the previous year at 3.885 million and 146,000 short tons, respectively. Other use of cottonseed, primarily whole seed feeding,
was 2.929 million short tons, 8 percent below the 1996/97
season. Ending stocks as of July 31, 1998, modestly tightened to 490,000 tons. The lower value of cottonseed in
1997/98 in both oil-and-meal output from crushing and in
feeding was reflected in a lower average price received by
farmers. U.S. farmers received $121 per short ton in
1997/98, down from $126 a year earlier.
U.S. peanut producers planted 1.431 million acres of
peanuts in 1997, up 2.1 percent from a year earlier.
Production totaled 3,537.1 million pounds, in-shell basis,
down 3.4 percent from the previous year. Average yield per
harvested acre was 2,507 pounds, a 146-pound drop from
the 1996 yield. Food use of peanuts rose 3.4 percent to
2,099 million pounds, in-shell basis. On an in-shell basis,
peanuts crushed in 1997/98 totaled 544 million pounds, 21
percent below the previous year. Peanut exports remained
strong, however, rising to 681 million pounds from 666 million the previous year. The tighter supply notwithstanding,
the 1997/98 U.S. average farm price for peanuts fell to 26.1
cents per pound from 28.1 cents a year earlier. Despite
lower crushing, large beginning stocks of peanut oil were
adequate to support a modest increase in domestic use of
peanut oil to 216 million pounds.
U.S. farmers planted 2.92 million acres of sunflowers in
1997, up 14 percent from 1996. But delays in planting, a dry
summer, and severe midge infestations trimmed the average
yield to 1,320 pounds per acre from 1,435 pounds in
1996/97. Year to year production increased 177 million
pounds to 3,763 million, on the strength of 353,000 more
acres harvested. Sunflowerseed crush soared to 2,338 million pounds in 1997/98. The major reason for the surge is
that exports of sunflower oil increased nearly one-fourth
from 1996/97, to 805 million pounds. Season ending sunflowerseed stocks fell sharply to 202 million pounds following 2 years of large carryover. Despite ample supplies, the
1997/98 average farm price for sunflowerseed stayed firm at
$11.85 per hundredweight.

Oil Crops Situation and Outlook/OCS-1998/0ctober 1998

u.s.

Soybean Situation, 1997/98

Bumper 1997 Soybean Harvest Replenished


Slender Supplies
Every State (except Ohio, which held steady to its 1996
record acreage) increased soybean acreage in 1997. A dozen
States had record soybean planting, many of them the top
producing States. Very strong soybean prices (versus corn,
sorghum, wheat, and cotton), the absence of acreage setaside programs, modifications of farm rotations to include
more soybeans, declining costs of production, and optimum
planting conditions led to the surge in soybean area. The
westward expansion of hog production into the Great Plains
also increased local demand and production of soybeans.
U.S. farmers planted 70.6 million acres of soybeans in 1997,
6.3 million more than in the preceding year. This was the
first time in history that U.S. planted acreage for soybeans
exceeded wheat area. A late grain and soybean harvest in
1996, along with much lower wheat prices, lowered winter
wheat area from a year earlier. Reduced winter wheat
acreage curtailed double-cropped soybean area, which tends
to have a lower average yield.
Following 2 years of delayed plantings, firm soils advanced
U.S. soybean planting in 1997 to the fastest start since 1994.
Most of the soybean crop went into the summer in very
good shape with adequate soil moisture reserves. A period
of hot weather in July drew down soil moisture levels
throuahout
the Midwest, but rains during August secured
to
good yield potential. Below average August temperatures
also helped moderate moisture needs and warmer temperatures by the end of August helped advance maturity. Pod
development was slightly ahead of average, and well ahead
of the late 1996 pace, when there was significant frost risk.
In the western Corn Belt, September pod counts were the
highest ever recorded. The swift harvest pace was advanced
by quicker soybean maturity and nearly ideal dry weather,
although an absence of frost in some areas delayed the drydown to desired moisture levels. In late October, heavy
snow in the western Corn Belt interrupted farmers' harvesting activities, although most of the affected areas had nearly
finished with soybeans.
U.S. soybean production in 1997 was 2,703 million bushels,
surpassing the 1994/95 record by 186 million bushels. The
final U.S. average soybean yield settled to 38.8 bushels per
acre, ranking behind only 1994 as the highest yield ever.
Persistent summer dryness cut yields in several southeastern
States. However, some southern farmers were able to harvest early and take advantage of prices for September delivery that were at least $1.00 per bushel higher than prices for
October delivery. This situation was reflected by the very
tight September 1 soybean stocks of 131 million bushels.

Oil Crops Situation and Outlook/OCS-1998/0ctober 1998

Until the record 1997/98 South America soybean harvest


appeared, tight world supplies and brisk foreign demand led
to 6 months of heavy export trade from the United States.
Like the U.S. industry, many importers had drawn down
soybean inventories the previous summer, waiting until the
less costly new U.S. crop was available before replenishing
stocks. Sales to the EU, China, and even Brazil and
Argentina were particularly strong in response to excellent
crushing margins.
By late spring, U.S. soybean exports became quite sluggish
as South American supplies emerged and U.S. exports of
soybean meal and oil took precedence. Some glitches in the
transportation system also hindered U.S. exports in 1997/98.
The United States has long dominated Mexican soybean
trade, but continuing railcar backups at the border motivated
Mexican importers to substitute some Brazilian soybeans.
And, a low water level in the Panama Canal restricted the
maximum draft for ocean vessels. The associated limits on
cargo weights raised per unit freight costs to Asia via the
canal, and compelled some shippers to take longer alternate
routes. The restrictions offset the decline in ocean freight
rates to Asia. U.S. exports for the season totaled 870 million
bushels, down 12 million from a year earlier.
Early in the season, domestic soybean crushing exceeded
all previous rates, and mills operated near capacity well
into the spring. The resurgence of soybean oil prices and
the drop in the cost of soybeans enhanced crushing margins in the first half of the marketing year. Greater investment in U.S. capacity and the large South American harvest created very narrow margins in the second half, but
U.S. processors continued to defend their world market
share. As a consequence, the 1997/98 domestic crush rose
to a record 1,597 million bushels. Despite the 264-millionbushel increase in supplies, year ending soybean stocks
increased only 68 million bushels.
Beginning stocks of soybean oil sharply declined to 1.5 billion pounds due to expansion of the previous season's
domestic offtake and exports. Responding to a global shortfall in vegetable oils, U.S. processors generated a record
18.1 billion pounds of soybean oil. Aside from the outstanding crush pace, warm summer temperatures also
boosted the oil extraction rate to 11.3 pounds per bushel,
the highest since 1991/92. Domestic soybean oil disappearance increased from 14.3 billion pounds the previous season to 15.2 billion in 1997/98. Soybean oil prices rose
steadily since summer 1997, with the 1997/98 average
price increasing to 25.8 cents per pound. Despite the surge
in output, the spike in demand cut 1997/98 U.S. soybean
oil ending stocks to 1,387 million pounds, down from
1,520 million a year earlier.

Economic Research Service/USDA

Despite declining global stocks and rising prices for vegetable oils, China expanded its oil imports in 1997/98. Even
with an increase in the soybean oil tariff, China's smaller
oilseed production in 1997 extended the oil deficit. China
accounted for more than one-fourth of the world's soybean
oil imports. U.S. 1997/98 soybean oil exports swelled to
3.25 billion pounds, surpassing the previous high of 2.7 billion set in 1979/80.
A strengthening world oil market in 1997/98 accelerated the
crush, generating ample volumes of soybean meal. When
demand for vegetable oils is stronger than protein meal
demand, prices for soybean oil and soybean meal go in
opposite directions. Soybeans produce 4 times as much
meal than oil, so the more that are crushed to satisfy the
world oil market, proportionately greater supplies of soybean meal are created. Unlike oil, meal cannot be stored
very long, so meal prices must fall to clear the market of
excess supplies. The world's dependence on U.S. supplies
last fall kept meal prices relatively firm. Eventually, record
large 1997/98 U.S. and South American meal supplies,
weaker corn and wheat prices, and weaker Asian demand

Economic Research Service/USDA

pressured soybean meal prices. The central Illinois cash


price for high protein soybean meal averaged $186 per short
ton, considerably less than the $271 per ton in 1996/97.
U.S. exports of soybean meal, especially to the European
Union, were another very bright spot. Total 1997/98 meal
exports were 9.5 million short tons, far surpassing the
1979/80 record. But the U.S. predominance eroded once
South American crushers had new-crop production available. Asian meal imports were also rationed by a serious
economic recession.
With a larger U.S. livestock inventory and considerably
lower soybean meal prices, 1997/98 domestic disappearance
rose to 28.7 million short tons from 27.3 million in 1996/97.
A solid expansion in hog production and a moderate gain in
poultry production fueled the increase. But a mild winter
and expanded wheat feeding suppressed U.S. soybean meal
consumption. The expansion in hog numbers began slowing
down by the spring and summer, with more moderate
increases in the breeding herd and farrowings.

Oil Crops Situation and Outlook/OCS-1998/0ctober 1998

World Oilseed and Protein Meal Situation


After stagnating in 1996/97, world oilseed production
climbed 10 percent in 1997/98, to 286.6 million metric tons.
Soybeans accounted for 95 percent of the increase in
1997/98 global oilseeds production. World soybean production increased 18 percent to 156.1 million tons. After a
decline in 1996, a strong recovery in European and
Canadian production raised global rapeseed output 8 percent
in 1997/98, to 34.1 million tons. However, lower harvested
area and disappointing yields left 1997/98 global sunflowerseed production unchanged from the preceding year at
23.9 million tons.
Global trade for major oilseeds reached an estimated peak
of 53.4 million tons in 1997/98, surpassing the previous season's total by 3.9 million tons. Soybeans remained the
undisputed leader with 40.0 million tons traded. The major
beneficiary of the increased trade in oilseeds was Argentina,
whose October-September soybean exports more than
tripled to 2.8 million tons from the drought-reduced 1996/97
volume. China continued to be a large net importer of soybeans (3.0 million tons) as well as of soybean meal (4.0 million). Also benefitting from abundant exporter supplies,
worldwide rapeseed trade increased 12 percent in 1997/98
to 6.5 million tons. Global sunflowerseed trade was little
changed at 3.9 million tons.
Compared with 1996/97, soybean meal forfeited its typically predominant role in determining soybean value, as meal
production rebounded and came into closer balance with
world consumption. World oilmeal use in 1997/98 was estimated at 155.5 million tons. The 3-percent increase was
largely due to growth in soybean meal use, with a smaller
increase in rapeseed meal. Global soybean meal consumption was about 99.4 million tons, up 7 percent from
1996/97. Rising global use was attributed to sustained
growth in the demand for soybean meal in China, Mexico,
and the United States. World protein meal trade also reached
a high of 51.4 million metric tons in 1997/98. Major trade
gains were made by the United States with 8.5 million metric tons of soybean meal exports (up one-third from the previous year), and Argentina with 9.9 million tons (up 14 percent). However, India's soybean meal exports (2.5 million
tons) were held down by economic difficulties experienced
by its traditional Asian customers and quality problems.
The shortage of Brazilian supplies last fall set the stage for a
surge in 1998 soybean plantings to a record 13 million
hectares. Timely planting and generous rainshowers
throughout South America were quite favorable for soybean
development. Despite harvest delays, the ample moisture
enabled Brazilian soybean farmers to harvest a record 31.0
million metric tons in 1998. In 6 out of the last 7 years
(including 1998), Brazil has established a record soybean

Oil Crops Situation and Outlook/OCS-1998/0ctober 1998

yield. Generally good weather, adoption of better management practices, and increasing use of inputs are responsible.
A tremendous surge in Brazilian soybean exports greatly
depleted Brazilian supplies last fall. Brazilian crushers were
compelled to import U.S. supplies in 1997/98, as the United
States was one of the few sources available to sustain operations until the Brazilian 1998 harvest. However, Brazilian
legislation banning imports of genetically modified organisms (GMOs) created much uncertainty whether U.S.
imports would be allowed. A Brazilian government commission agreed in October to reverse a stance on imports of
genetically modified soybeans. The commission's decision
still prohibited planting GMO seed but allowed Brazil to
import 1.55 million tons of soybeans for crushing under the
drawback plan, which requires reexporting an equivalent
volume of the products. But this uncertainty and the government's halving of the time permitted for re-exporting products under the drawback program to 90 days curtailed soybean imports from the United States.
From October 1997 through September 1998, Brazil's soybean exports rose at a more moderate pace (to 9.1 million
tons) compared with 1996/97, when the export sales taxes
were removed. With greater competitor supplies and weaker
world demand, Brazilian soybean processers crushed 20
million tons, virtually the same volume as in 1996/97. A
slight decrease in soybean meal production trimmed exports
to 10.3 million tons but Brazil remained the world's single
largest exporter of soybean meal. Brazilian soybean oil
exports dipped slightly to 1.28 million tons.
Given the drought-ravaged 1997 soybean harvest of 11.2
million tons, the supply situation in Argentina began just as
tight as in Brazil. Argentina's soybean imports rose to an
unprecedented 0.65 million tons. Attractive prices motivated
Argentine producers to raise harvested soybean area to a
record 7.0 million hectares, largely at the expense of wheat
and corn area. Yields soared because of ample moisture and
a greater proportion of first-crop soybeans. Varietal
improvements, including wider adoption of herbicide resistant soybeans, also enhanced productivity within Argentina.
Expanded area and better yields culminated in a record soybean output of 18.7 million tons, even though frequent
showers hampered harvest progress. Greater supplies raised
the 1997/98 Argentine soybean crush to 13.0 million tons.
This permitted Argentina to export more soybean meal, with
1997/98 exports at 9.9 million tons, up 1.2 million from the
previous year.
In Paraguay, favorable prices and declining production costs
boosted relative returns for raising soybeans. Soybean plantings expanded to a record 1.3 million hectares. Despite
flooding along the Parana River, fields were relatively
Economic Research Service/USDA

unharmed, and production dipped to 2.7 million tons.


Paraguay has a negligible domestic market for meal and oil
and its larger neighbors have advantages in crushing. So,
unprocessed soybean exports (including to Brazilian and
Argentine crushers) bring the best returns for the country's
output. Paraguayan exports totaled 2.1 million tons, compared to crushings of 0.5 million tons.
India's 1997/98 soybean crop was a record 5.35 million
tons, up from 4.1 million the year before. This was due to a
larger area harvested and the best soybean yields ever seen
in India (yet still among the world's lowest). Worries about
the impact of El Nino dissipated with timely monsoon rains.
Most of the increased supply was crushed, but rain delays
for the Indian soybean harvest extended the virtual U.S.
monopoly last fall on the international market a little longer
than usual. Indian soybean meal prices were about $20 per
metric ton less than U.S. Gulf quotes, creating a significant
competitive advantage in several major Asian markets.
However, part of the discount was related to quality problems that discouraged sales to some markets. India's soybean meal exports in 1997/98 were estimated at 2.5 million
tons. The additional soybean oil produced lifted India's
domestic soybean oil consumption to 1.1 million tons.
A financial crisis forced Thailand to float its currency, the
baht, in July 1997. Thailand's action triggered a wave of
devaluations throughout Asia. Currencies in Thailand,
Indonesia, and the Philippines have fallen to historic lows
against the U.S. dollar. In return for economic and banking
reforms, several Southeast Asian countries accepted multibillion-dollar loan packages from the International Monetary
Fund. The baht fell about 80 percent against the U.S. dollar
in the last year. As a consequence, prices of agricultural
imports in dollar terms increased dramatically.
Thailand had already begun reducing tariffs, pulling in a
record volume of soybeans and soybean meal. The U.S.
market share in 1996/97 was 28 percent for soybeans and 16
percent for meal. To help Thailand compensate for the steep
rise in import prices, USDA increased Thailand's credit
under the Export Credit Guarantee Program (GSM-102)
from $100 million to $300 million. Changes in Thailand's
soybean and meal imports were moderated by a still vital
poultry export trade, which was supported by the devaluation and Hong Kong's wholesale poultry slaughter (to control transmission of the bird flu). Thai soybean imports
increased to 0.6 million tons in 1997/98, compared with
0.55 million a year earlier. Soybean meal imports were
down 19 percent to 0.8 million.
South Korea struggled with a serious short term debt problem late in 1997. Korea's GDP growth in 1998 may drop in
half from 1997's 6 percent. South Korea is the world's
eighth largest soybean importing country and the eighth
largest importer of U.S. soybeans. The United States
accounts for 90 percent of South Korea's soybean imports.

Economic Research Service/USDA

In 1997/98, U.S. soybean exports to Korea fell 24 percent


from a year earlier. USDA approved $100 million in GSM102 credit for South Korea to help purchase soybeans. Total
South Korean soybean imports in 1997/98 were 1.4 million
metric tons, down from 1.5 million a year earlier. South
Korea imports comparatively little soybean meal from the
United States, but market access gains under the Uruguay
Round agreement may encourage more soybean meal
. imports in the future.
Drought in soybean producing areas of Java reduced
Indonesian 1997 soybean output to 1.4 million tons. The fall
in domestic supplies increased Indonesian soybean imports
18 percent to 0.8 million tons despite volatile foreign currency swings. The rupiah was devalued more than threefourths since mid-1997, dramatically raising the cost of
imported goods. USDA increased Indonesia's total GSM102 allocation from $250 million to $400 million. Indonesia
had already dropped the import duty on soybeans to zero in
summer 1997.
Indonesia has no crushing facilities, so the supply reduction
only slightly curtailed the growth in food consumption of
soybeans. Indonesia imported 0.68 million tons of soybeans
in 1996/97 (nearly all from the United States) and imported
0.81 million in 1997/98. Indonesian 1997/98 soybean meal
imports took the brunt of the impact, falling in half from the
previous season to 550,000 tons as swelling feed costs
slashed poultry consumption. India is the major supplier of
soybean meal to Indonesia, with a typically much smaller
share from the United States.
Malaysian 1997/98 soybean imports were also down dramatically this year, to 0.45 million tons. U.S. soybean shipments to Malaysia declined 53 percent from a year earlier.
The Malaysian ringgit depreciated more than 40 percent
between summer 1997 and mid-1998. USDA extended a
new credit line of $100 million to help Malaysia purchase
U.S. agricultural commodities.
While Taiwan's consumption of pork recovered from last
year's outbreak of foot and mouth disease in hogs, the loss
of its pork exports to Japan suppressed Taiwanese soybean
consumption. On the other hand, the wholesale destruction
of the poultry flocks in Hong Kong due to avian influenza
represented an opportunity for Taiwan to expand chicken
production and exports. Taiwan's soybean imports declined
to 2.4 million tons from the 1996/97 level of 2.6 million.
Even Japan's relatively stable economy slipped into recession as the yen fell to the lowest level versus the dollar in 8
years. Flat consumption by Japanese livestock, greater rapeseed availability, and rising meat imports slightly cut
Japanese soybean imports and soybean meal consumption.
Despite expanded area, dry weather limited China's 1997
soybean harvest to just 14.7 million tons. The disappointing
Oil Crops Situation and Outlook/OCS-1998/0ctober 1998

oilseeds output and unabated consumption accelerated


Chinese imports of soybeans last fall. China has not suffered
financial problems to the same extent as its neighbors, but
Chinese economic growth slowed as export competition
from the other Asian countries intensified. China's soybean
meal demand for 1997/98 reached 12.4 million tons, 17 percent above 1996/97. This surge increased 1997/98 soybean
meal imports to a record 4.0 million tons, 11 percent higher
than the previous year.
Bigger harvests of high-oil yielding, European-produced
oilseeds and cheaper foreign soybean meal prices undercut
EU crushing margins for soybeans. This curbed imports of
soybeans by the EU (still the world's largest import market)
relative to soybean meal. While EU soybean imports
increased modestly to 15.6 million tons, EU soybean meal
imports increased to 16.2 million tons from 14.7 million in
1996/97.
Record yields on near-record area raised 1997 EU rapeseed
production to a record 8.6 million tons. Given low beginning inventories, EU crush demand began very briskly in
1997/98. The Polish and Czech rapeseed harvests did not
fare as well, as winterkill and floods damaged 1997 yields.
Although better than the poor 1996 crop, the 1997 harvest
led to a continuing supply shortage relative to domestic
crush capacity, requiring Poland to import 260,000 tons of
seed from neighboring countries. Canadian farmers harvested 4.9 million hectares of rapeseed in 1997, rebounding
from 3.5 million harvested a year earlier. The 6.4-millionton crop was Canada's third largest, and allowed for a surge
in crushing given the profitable world vegetable oil market.
Japan, the principal foreign market, increased rapeseed
imports a modest 3 percent to 2.05 million tons.
Persistently wet and cold weather hampered the 1997 sunflowerseed harvest in Russia and the Ukraine. Lower yields
dropped projected output by all the New Independent States
below the previous year's disappointing level to 5.2 million.
Similar shortfalls occurred in Romania and Hungary. Larger
domestic supplies curtailed EU sunflowerseed imports and
margins favored greater processing of soybeans and rapeseed. This contributed to the increase of oilseed exports
from the United States to the EU, which were 16 percent
higher than the preceding year.
Excessive rain damaged Argentina's production and quality of sunflowerseed in 1998, forcing farmers to abandon
0.2 million hectares. The optimistic early season forecast
for record sunflowerseed output gave way to a less exceptional 5.4 million tons. Consequently, Argentine sunflowerseed oil and meal exports suffered, especially to
European Union countries.
Global cottonseed production increased only 1 percent in
1997/98, to 34.7 million tons. Despite better yields in China
and Uzbekistan, lower area and yields in India, Pakistan,

Oil Crops Situation and Outlook/OCS-1998/0ctober 1998

and the United States moderated supply growth. Late plantings and weather problems also plagued the Argentine cotton
crop, which scaled back cottonseed production and domestic
crush there.
World 1997/98 peanut production slipped to 27.1 million
tons, down from the 1996/97 output of 28.4 million.
Reductions in China, India, and the United States were
mostly responsible. Modest production gains throughout
Africa and Argentina partially offset losses in these countries. With global consumption of peanuts for food use rising, consumption for crushing declined 9 percent to 13.8
million tons. Although it is a relatively minor component of
demand, international trade in peanuts and peanut products
increased slightly.
In China, drought in the major northern producing provinces
of Shandong, Henan, and Hebei damaged peanut yields and
quality. Chinese peanut production dropped to 9.65 million
tons (in-shell basis). Chinese consumption of peanuts for
food is relatively inelastic, so most of the shortfall reduced
peanuts crushed for oil and exports. Chinese peanut exports
dropped about 60 percent, as many of its traditional
Southeast Asian buyers, particularly Indonesia, scaled back
imports because of struggling economies. Lower crushing
decreased Chinese peanut meal output about 190,000 tons.
India's 1997 peanut production also fell, declining 1.0 million tons to 8.0 million. The principal peanut regions of
western India received adequate summer rain for early
development, but successive dryness pinched yields. As in
China, India's peanut shortfall was entirely borne by a
reduction in crushing, which widened the nation's deficit in
domestic vegetable oil supplies. Conversely, good weather
helped Argentine peanut production reach a record of 0.65
million tons. Argentina exported about three-fourths of the
crop, becoming the world's leading peanut exporter in
1997/98.
El Nino dramatically cut fishmeal production in Peru and
Chile (which account for about 60 percent of world output).
This climatic phenomenon involves an abnormal warming
of equatorial Pacific Ocean waters. Fish move to colder,
deeper waters and normal migration patterns are altered,
hampering the South American coastal fish harvests. A higher proportion of the fish caught were small juveniles, leading the governments of both countries to impose seasonal
fishing bans to prevent overfishing during the 1998 spawning period. As a result, the catch of sardines and anchovies
for reduction into fishmeal declined. Global fishmeal output
dropped nearly one-fifth in 1997/98 to 5.1 million tons.
World fishmeal prices increased about one-fifth from a year
earlier. China is the world's largest consumer of high protein
fishmeal. The price hike reduced Chinese 1997/98 fishmeal
imports by 17 percent. World fish oil production also fell to
the smallest volume since 1972. Sharply rising prices curtailed fish oil imports and consumption by the major buyers
in Western Europe.
Economic Research Service/USDA

World Vegetable Oil Situation


Global vegetable oil output rose 2 percent to 76.8 million
tons in 1997/98, the smallest increase since 1992/93.
Soybean oil accounted for virtually all of the gain. World
rapeseed oil production also increased 7 percent, with most
of that increase due to greater EU area. Aside from these
two oils, world production of other vegetable oils stagnated.
World palm oil production fell slightly (compared with an
8-percent increase in 1996/97). Drought throughout
Southeast Asia held down production of tropical oils. The
growth in world vegetable oil consumption outstripped the
increase in production by about 0.7 million tons this year,
leaving stocks at 6.6 miIIion, the lowest since 1994/95.
World use of vegetable oils increased 2 miIIion tons to 77.3
miIIion in 1997/98. Estimated global vegetable oil trade
increased to 29.3 miIIion tons, up 430,000 from 1996/97.
World exports of palm oil grew more slowly. Consequently,
world import demand for soybean oil benefited (as well as
the soybeans imported to produce it). Global production of
soybean oil jumped 10 percent to 22.8 miIIion tons.
Soybean oil constituted 6.8 miIIion tons of world vegetable
oil trade, up from 5.9 miIIion in 1996/97. Exports of soybean oil surged from the United States and Argentina, to 1.4
miIIion and 2.1 miIIion tons, respectively. Brazil emphasized
greater soybean exports than crushing, so its soybean oil
supplies and exports negligibly changed. For years, China
has been the premier import market for vegetable oils. In
1997/98, Chinese soybean oil imports were 1.9 miIIion tons
and palm oil imports were 1.5 miIIion tons. Import growth
by India moderated as domestic oil production (particularly
soybean oil) kept pace with consumption.
A prolonged drought reduced palm oil yields throughout the
major Southeast Asian producing countries. Had global
palm oil production grown the same 8 percent as in
1996/97, it would amount to about 1.3 miIIion metric tons
more oil. In terms of soybean oil, this would be equivalent
to losing 6.5 million acres of soybeans, or one-tenth of U.S.
acreage. Competing oilseeds and vegetable oils had to pick
up the slack, reflected by escalating world trade and prices.
The discount under soybean oil narrowed and favored more
world soybean oil trade.
Malaysian palm oil production fell to 8.6 miIIion tons
(down from 9.0 miIIion in 1996/97), because of a year-long
drought. Monthly oil production has fallen since December.
The currency devaluation and the restrictions on Indonesian
exports made Malaysian palm oil exports more competitive.
Despite the slippage in production, Malaysia's 1997/98
palm oil exports stayed relatively firm at 7.4 miIIion tons.

Economic Research Service/USDA

However, this led to very low stocks and rising domestic


prices. Malaysia's domestic use showed little growth in
1997/98 as the weak currency made palm oil cheaper for
foreign buyers and more expensive for internal consumers.
Indonesia, the world's second largest producer of crude
palm oil, also suffered from severe drought. Indonesian
palm oil production fell from 5.4 miIIion to 5.0 miIIion tons
in 1997/98. In mid-1997, the Indonesian government dramatically reduced export taxes on crude palm oil. But that
regime was replaced by a quota system, where exporters
were to limit their exports to one-fourth of their total palm
oil production to stabilize domestic prices. To restore dollar
reserves to service a large foreign debt, Indonesian exports
(including palm oil) also needed to expand greatly, which
raised the domestic prices for these goods. But, to stabilize
palm oil prices for Indonesian consumers, the government
instead instituted a ban on exports that lasted until late
April. Customary imports of palm oil from Malaysia would
only exacerbate the foreign exchange difficulties. The
export ban made palm oil prices for the world market even
more volatile. Lower production and imports from Malaysia
shaved Indonesian 1997/98 palm oil exports to 2.3 miIIion
tons, from the 1996/97 export volume of 2.4 miIIion.
In the interim, Malaysia became the focal point for world
demand, and the steady depletion of palm oil stocks hiked
prices to $690 per ton by May from less than $500 a year
earlier. International palm oil prices eased after the ban
ended, although riots on Sumatra temporarily disrupted
shipments between palm plantations and local refineries and
ports. The price decline was moderated by an increase in
Indonesia's export tax on crude palm oil from 5 to 60 percent, as well as higher tax rates on refined palm oil and
palm kernel oil. Smuggling to evade the export ban and
export taxes was common. The government also subsidized
lower consumer prices for palm oil with proceeds from the
export tax. However, the economic crisis cut 1997/98
domestic consumption to an estimated 2.8 miIIion tons from
3.0 miIIion a year earlier. Tight capital wiII constrain future
expansion of palm area.
World supplies of rapeseed and sunflowerseed oil came into
short supply as well, as a brisk crushing pace depleted seed
stocks. Global 1997/98 sunflowerseed production was down
nearly 0.3 miIIion tons. Exports of U.S. sunflowerseed and
oil were uncommonly strong, reflecting Argentina's disappointing sunflowerseed harvest. On the demand side, declining stocks and widening vegetable oil deficits in China,
India, and Pakistan raised import needs.

Oil Crops Situation and Outlook/OCS-1998/0ctober 1998

Situation for Other U.S. Oil Crops


Cottonseed
In the 1997/98 season, U.S. farmers planted 13.8 million
acres of cotton, all kinds, a 5.6-percent decline from the previous season. Despite the lower plantings, cotton harvested
area actually increased in 1997 as abandoned acreage was
much lower than in the 1996 season. However, lower yields
in 1997 caused final cottonseed production to fall 2.9 percent to 6.935 million short tons.
Total supply of cottonseed in 1997/98 was 7.522 million
short tons, 2.1 percent below the previous year. Cottonseed
crush and exports were up 15,000 short tons each from the
previous year at 3.885 million and 146,000 short tons,
respectively. Other use of cottonseed, primarily whole seed
feeding, was 2.929 million short tons, 8 percent below the
1996 season. Ending stocks as of July 31, 1998, modestly
tightened to 490,000 tons.

Cottonseed Oil Prices Buoy Products Value,


While Meal Tumbles
In the 1997 cottonseed products marketing year, cottonseed
oil prices averaged near 30 cents per pound, compared with
25.58 cents for the 1996 season. For the first quarter of the
October-September season, the price of cottonseed meal
held very steady near $190 per ton. By February, the monthly average price fell to $139 per ton. The 1997/98 average
cottonseed meal price was $146.50 per short ton, compared
with $192.06 in 1996/97. For the 1996 season, cottonseed
oil represented 48 percent of the oil-and-meal value of products and cottonseed meal represented 52 percent. In
1997/98, cottonseed oil rose to 58 percent of the oil and
meal value, while meal fell to 42 percent. The total value of
oil and meal per ton of seed crushed in the 1997 season was
$160, compared with $169 for the 1996 season. Thus, even
with a significant shift in the relative value of oil and meal,
the total value of these products was relatively stable.
In the 1997 season, prices for competing feeds were lower
than in the previous season, which likely contributed to the
lower level of cottonseed feeding. Corn prices in the 1997
season averaged about $2.50 per bushel, compared with $2.73
a year earlier, while soybean meal prices averaged about $186
per short ton, compared with a whopping $271 for the 1996
season. In the 1996 season, the feed value of cottonseed was
very competitive with the value of oil and meal from crushing, while in the 1997 season, the product value from crushing exceeded the implied feed value of cottonseed.
The lower value of cottonseed in the 1997 season in both
oil-and-meal output from crushing and in feeding was
reflected in a lower average price received by farmers for
cottonseed in the 1997 season. U.S. farmers received $121

10

Oil Crops Situation and Outlook/OCS-1998/0ctober 1998

per short ton in the 1997 season, down from $126 a year
earlier. Based on a crop of 6.935 million short tons, the farmgate value of the 1997 cottonseed crop is placed at $876
million, below the previous season's $916 million but still
the second highest on record.

Peanuts
On December 16, 1996, USDA announced a national peanut
poundage quota for the 1997 marketing year of 1.133 million short tons, in-shell basis, or 2,266 million pounds, up 3
percent from 1996. This amount equaled the estimated
quantity of peanuts needed for domestic edible and related
uses, excluding seed, and allowed for underdeliveries of up
to 4.5 percent. On February 14, 1997, USDA announced a
national average price support for 1997 quota peanuts of
$610 per short ton, unchanged from a year earlier, and a
national average support rate for additional peanuts of $132
per short ton, also unchanged.
U.S. peanut producers planted 1.431 million acres of
peanuts in 1997, up 2.1 percent from a year earlier. By
region, 1997 peanut plantings declined in the Southeast
(AL, FL, GA, and SC) by 1.3 percent to 817,000 acres,
declined in the Virginia-North Carolina region by 2.5 percent to 197,000 acres, and rose in the Southwest (TX, OK,
and NM) by 12.2 percent to 417,000 acres. In Virginia and
North Carolina, plantings of 75,000 and 122,000 acres,
respectively, were the lowest in at least 50 years.
U.S. peanut production in 1997 totaled 3,537.1 million
pounds, in-shell basis, down 3.4 percent from the previous
year. Average yield per harvested acre was 2,507 pounds, a
146-pound drop from the 1996 yield. Larger beginning
stocks and imports helped to moderate the production
decline, but total supply was nonetheless down 1.6 percent
from the 1996 season to 4.473 billion pounds-the lowest
since the drought-stricken 1990 crop.
The 1997 U.S. peanut crop got off to a slow start, but was
helped by rains in July in many areas. Early season yield
prospects were good, but lack of moisture in August and
September cut yield prospects significantly. When the final
tally was taken, the average yield fell from the previous
season in every State and region except the Southwest. The
average yield in Texas rose to a record 2,610 pounds per
harvested acre as production continues to expand on irrigated acreage.

u.s.

1997 Peanut Food Use Rises

The 1997 peanut crop year saw another rise in food use, the
second consecutive annual increase, following several seasons of decline. Food use of peanuts rose 3.4 percent to
2,099 million pounds, in-shell basis. The increase was comEconomic Research Service/USDA

prised of a 2.9-percent growth rate for primary products and


a 9.5-percent rise in roasting stock use. At 184 million
pounds, roasting stock use was record high for the second
straight year and for 3 of the last 4 years. New products,
such as, flavored in-shell peanuts, are likely aiding consumption of roasting stock.
Individual categories of primary product use in 1997 saw
peanut candy fall 2.7 percent, snack peanuts rise 5.8 percent, peanut butter rise 4.5 percent and "other" use rise 4.9
percent. In the important peanut butter category, an 1l.8percent rise in government purchases helped boost domestic
disappearance. Assuming constant stocks of peanut butter
and adjusting for trade, the associated rise in non-government purchases of peanut butter was 1.7 percent.

Peanut Crush Falls on Lower Supply,


Exports Stay Strong
The tighter supply of peanuts in the 1997 season weighed
on peanut crushing for oil and meal. On an in-shell basis,
peanuts crushed in 1997 totaled 544 million pounds, 21 percent below the previous year. This level represents the
smallest annual peanut crush since the 1986 season. Peanut
exports remained strong, however, rising to 681 million
pounds from 666 million in 1996.
The lower peanut crush in 1997 dropped peanut oil production to 176 million pounds, its lowest since the 1987 season.
Exceptionally large beginning stocks of 86 million pounds
helped boost total supply, which nonetheless totaled 31 million pounds lower in the 1997 season to 270 million.
Although peanut oil prices averaged 49.0 cents per pound in
the 1997 season, versus 43.7 cents a year earlier, domestic
consumption of peanut oil rose to 216 million pounds.
Average annual use of peanut oil is usually about 200 million pounds. With peanut oil production much lower and use
strong, ending stocks in the 1997 season were halved from
their beginning levels to 41 million pounds.
Production of peanut meal in 1997 likewise fell sharply, and
with no large beginning stocks to boost supply, domestic use
fell 33 percent to 95,000 short tons. The season average
price for peanut meal rose to $210.29 per short ton, up
slightly from 1996.

U.S. 1997-Crop Peanut Prices


and Farm Value Fall
The tighter supply notwithstanding, the 1997 U.S. average
farm price received for peanuts fell to 26.1 cents per pound
from 28.1 cents for the 1996 crop. Based on the outturn of
3.537 billion pounds, the farm value of the 1997/98 crop
was $923.2 million, the first crop valued at less than $1 billion since 1983.

Economic Research Service/USDA

Sunflowerseed
With greater planting flexibility gained through the 1996 farm
legislation, farmers have a renewed interest in producing
minor oilseeds. In the spring of 1997, grain prices plummeted
from their high 1996 level while oilseed prices remained stable. And near-record snow depths during the winter of 1997
led to spring flooding and late planting in the Northern Plains.
These factors shifted acreage from wheat to sunflowers,
which have a shorter growing season. Sunny skies prevailed
throughout May and accelerated drying of soils, allowing
farmers to catch up on sunflower planting. U.S. farmers planted 2.92 million acres, up 14 percent from 1996. Virtually all
of the area increase was in North Dakota. But delays in planting, a dry summer, and severe midge infestations trimmed
1997 average sunflowerseed yields to 1,320 pounds per acre
from 1,435 pounds in 1996/97. Year to year production
increased 177 million pounds to 3,763 million, on the
strength of 353,000 more acres harvested. Despite record harvested acreage of 628,000 acres, production of non-oil varieties fell 4 percent because of lower yields.
The sunflowerseed crush soared to 2,338 million pounds in
1997/98. The major reason for the surge was that sunflower
oil exports increased nearly one-fourth from 1996/97. By
late summer, that robust growth had considerably shrunk
available supplies. Season ending sunflowerseed stocks fell
sharply to 202 million pounds following 2 years of large
carryover. A stronger world vegetable oil market supported
prices of high oil content oilseeds such as sunflowerseed.
Despite ample supplies, the 1997/98 average farm price for
sunflowerseed stayed firm at $11.85 per hundredweight.
U.S. sunflowerseed oil exports were about 100 million
pounds higher than 1996/97 shipments of 709 million. This
is mainly because of greater oil exports to Algeria, Mexico,
and Egypt. The spurt in sunflower oil production caused an
unusually small price premium relative to soybean oil.
Sunflowerseed oil prices averaged 27 cents per pound in
1997/98, compared with 22.5 cents the previous season. The
average price for sunflower meal was pressured by much
higher soybean meal supplies, and dropped from $111 per
short ton the previous year to $84.

Other Minor Oilseeds


The upward trend in U.S. canola acreage resumed after the
previous season's downturn. Canola plantings for 1997
totaled 728,000 acres, nearly double 1996's 366,000 acres.
Production of canola rose to a record 914.4 million pounds.
Despite expanded domestic supplies, canola seed imports
from Canada surged 30 percent. Strong canola oil demand
spurred a 65-percent increase in domestic crush to 1,427
million pounds. Very brisk Canadian crushing swelled U.S.
canola meal imports 44 percent to 1.4 million tons, which
continue to be in great demand by western cattle producers.

Oil Crops Situation and Outlook/OCS-1998/0ctober 1998

11

Plantings of flaxseed soared 52 percent in 1997 to 146,000


acres. Near trend yields allowed a reversal in the long slide
in flaxseed production, which rose to 2.2 million bushels.
The domestic increase was not enough to slow flaxseed
imports from Canada, however, which climbed to 9.6 million bushels. The recovery in supplies rebuilt ending stocks
from the very low 1996/97 carryout of 0.5 million bushels
to 1.2 million. This eased the 1997/98 average farm price to
$5.80 per bushel, down from $6.37 in 1996/97. Linseed
meal prices fell along with the rest of the protein meal sector, declining from $159 per short ton to $110.
A more modest 9-percent increase in 1997 safflower
acreage, to 263,000 acres, was also reported. U.S. safflowerseed production increased a modest 2 percent in 1997 to
430 million pounds.

12

Oil Crops Situation and Outlook/OCS-1998/0ctober 1998

Corn Oil
Domestic producers manufactured 2.3 billion pounds of corn
oil in 1997/98, up nearly 5 percent from the previous year.
Corn oil prices rose to 31-33 cents per pound as carryout
stocks declined slightly to 120 million pounds. The main reason for the tightening supplies was the expansion in U.S.
corn oil exports (largely to Spain and Italy) to 1.1 billion
pounds, up from 988 million a year earlier. Rising European
sunflower oil prices aided foreign demand for corn oil.
Between fall 1997 and summer 1998, the corn oil price premium over soybean oil widened considerably, from less than
1 cent per pound to as much as 7 cents. Higher prices led to
only a slight increase in total domestic disappearance of corn
oil, although consumption in finished products (including
frying oils and margarine) declined 9 percent.

Economic Research Service/USDA

Other Fats and Oils Highlights


Imported Oils

u.s. imports of coconut oil increased dramatically in


1997/98 to 1.4 billion pounds from 1.19 billion in 1996/97.
Global production of coconut oil is anticipated to drop in
1999 because of drought in the Philippines, so some imports
were made to build up U.S. stocks. Coconut oil also gained
at the expense of palm kernel oil, which became relatively
more expensive following sluggish growth in 1998 output.
U.S. palm kernel oil imports dropped about one-fifth in
1997/98 to 350 million pounds.
Global olive oil production totaled 2.4 million metric tons in
1997/98. More normal Spanish harvests, which typically
account for 45 percent of world output, eased world olive
oil prices about 30 percent from a year earlier. Sharply
lower costs and growing public appeal raised U.S. 1997/98
olive oil imports to a record 365 million pounds.

(averaging 23.0 cents) had cut domestic disappearance. But


greater supplies in 1997/98 moderated the average lard price
to 19.8 cents per pound, lifting domestic disappearance 6
percent to 917 million pounds. Taiwan, Japan, and several
Latin American nations increased lard imports, boosting
U.S. exports to 120 million pounds.

End Uses of Fats and Oils


The sole area of growth in the vegetable oils market last
year was for salad and cooking oils, already the largest
channel for oil consumption. U.S. production of salad and
cooking oils was up nearly 3 percent in calendar 1997 to a
record 6,725 million pounds. Consumption of soybean oil
for salad and cooking oils increased 12 percent to 6,192 million pounds. Imports of refined canola oil continue to
expand into U.S. salad and cooking oils. Domestic consumption of corn oil dropped 16 percent, as foreign demand
increasingly bid away supplies.

Animal Fats
Despite a slight reduction in cattle slaughter, higher slaughter weights countered to raise U.S. 1997/98 tallow output.
Edible tallow production rebounded to 1.5 billion pounds,
following the 1996/97 decline to 1.4 billion. U.S. tallow
exports increased more than one-third, to 240 million
pounds, because of greater supplies and higher world prices
for palm stearin, a competing feedstock in the manufacture
of fatty acids for soaps, detergents, pharmaceuticals, and
cosmetics. Export gains were most apparent for Latin
American countries. But tumbling Asian currencies near the
end of 1997 put downward pressure on tallow prices, which
averaged 20.7 cents per pound, compared with 23.0 cents a
year earlier. Prices regained some momentum after the
postponement of an EU proposal to ban the use (for all purposes) of tallow made from materials with a higher risk for
Bovine Spongiform Encephalopathy (BSE). U.S. rendering
plants do not exclude applicable tissues such as cattle
brains and spinal cords prior to processing. Without an
exemption for BSE-free countries, such as the United
States, the ban would have blocked tallow exports to
Europe. Based on higher use for inedible products, growth
in domestic disappearance was more modest, rising 2 percent to 1,250 million pounds.

Continuing a downward trend since 1993, U.S. production


of baking and frying fats declined 5 percent to 5,656 million
pounds. Per capita consumption of baking and frying fats
declined to 20.9 pounds, the lowest since 1983.
Consumption of soybean oil for baking and frying was
4,517 million pounds, down 4 percent from 1996.
Margarine production also declined in 1997, down 5 percent
to 2,367 million pounds. Per capita margarine consumption
fell to 8.7 pounds, the lowest level in three decades.
Consumption of soybean oil for margarine dropped 3 percent
to 1,650 million pounds. Likewise, butter production
declined 2 percent in 1997 and was 9 percent lower than the
preceding lO-year average. Per capita consumption of butter
has declined over the last 20 years as more butterfat has been
used for dairy products other than butter, such as cheese and
premium ice cream. By the end of 1997, butter stocks had
become very tight and prices had risen to record highs.
Consumption of oils for inedible uses (particularly fatty
acids, animal feed, and soap) surged in 1997 to 6.5 billion
pounds. Use of soybean oil in inedible products soared 29
percent to 393 million pounds. For edible tallow, a drop in
food uses also allowed much greater inedible consumption.

Lard production also bounced back in 1997/98, rising 9 percent to 1,065 million pounds. Higher prices in 1996/97

Economic Research Service/USDA

Oil Crops Situation and Outlook/OCS-1998/0ctober 1998

13

Special Article

Soybean Supply and Use Tables Published


for First Time in China
Hsin-Hui Hsu and Frederick W Crook]

Abstract: This year, China's Ministry of Agriculture Information Center published for the
first time a supply and demand balance sheet for the soybean complex. The report indicated
that China produced about 14 million tons of soybeans in 1997/98, making it the world's
fourth largest soybean producer behind the United States, Brazil, and Argentina. The report
also showed that yearend soybean stocks are forecast at 1.8 million tons, up 300,000 tons
from the previous year. Because of rapid expansion of the economy, accelerated demand for
meat products, and limited cropland for additional sown areas, China's imports of soybean,
soymeal, and soyoil have increased dramatically in recent years. Imports of soybeans, edible
vegetable oils, and protein meals are expected to continue rising because of the increasing
gap between domestic demand and supply. However, there is uncertainty as to whether the
mix of products will include proportionally more oil and meal or more beans for crushing
domestically.
Keywords: soybeans, soymeal, soyoil, China

Background
The monthly world supply and use table issued by the U.S.
Department Agriculture's World Agricultural Outlook Board
lacks information about China's soybean economy. Under
the Emerging Markets Program, USDA's Foreign
Agricultural Service (FAS) and Economic Research Service
(ERS) initiated a project to help nine agencies 2 in China
establish single commodity supply and use balance sheet
tables. The program began in spring 1997. Analysts from
the Ministry of Agriculture (MOA) Information Center
attended ERS training sessions in Beijing and in
Washington, D.C. In spring 1998, MOA presented an article
entitled "China's Soybean Complex Market Review and
Forecast," that was included in a booklet published by
China's State Administration of Grain Reserves (SAGR)
National Grain Information Center entitled Soycomplex
Market Analysis and Forecast in 1998, in Chinese. (4)

lAgricultural economists, Economic Research Service, USDA.


2ERS is assisting the following nine government agencies in establishing single commodity supply and use balance sheets. They are State
Council Research and Development Center, State Council Office for
Restructuring Economic Systems, Ministry of Agriculture Information
Center, Ministry of Agriculture Research Center for Rural Economy, State
Planning and Development Commission, State Statistics Bureau, State
Administration of Grain Reserve National Grains and Oils Information
Center, Bureau of Cotton and Jute, and China National Cereals, Oils &
Foodstuffs Import and Export Corporation (COFCO).

14

Oil Crops Situation and Outlook/OCS-1998/0ctober 1998

This article presents a MOA analyst's view of China's soybean supply and use. The information was obtained from
meetings with MOA and SAGR officials during a trip to
China by a USDA Soybean Team in July 1998. 3 While the
supply and use tables do not represent formal or official
tables from MOA or SAGR, they do give insights with
regard to soybean supply and use in China from well trained
and well-qualified analysts. These tables also do not represent USDA estimates.

Soybean Supply and Use


China planted 8.3 million hectares of soybeans with an estimated production of 14.7 million tons in 1997/98 (October/
September). Currently, China is the world's fourth largest
soybean producer behind the United States (79 mmt), Brazil
(29 mmt), and Argentina (15.5 mmt). The general consensus
among government officials and oilseed analysts in China
was that the demand for soybeans and their products
(soymeal and soyoil) will exceed domestic supplies and that
China will continue to import soybeans products. In the
coming decade, USDA projects that area sown to soybeans
is unlikely to expand, yields will increase a little bit, and
output will gradually increase to around 16 million tons (1
and 3).

3The International Cooperation and Development Office of the Foreign


Agricultural Service coordinates annual scientific exchange programs
between the U.S. Department of Agriculture and China's Ministry of
Agriculture.

Economic Research Service/USDA

In addition to soybeans, China has many varieties of


oilseeds, including rapeseed, peanuts, sunflower, and cottonseed. However, because more than 40 percent of soybeans
are used for direct food consumption, soybeans are treated
as a grain and are subject to stringent grain regulations in
seven major soybean production provinces. 4 All other
oilseeds are produced, bought, and sold under free market
conditions. China's statistical system defines edible oilseeds
as rapeseed, peanuts, sunflower, sesame, and huma (flax)
but excludes cottonseed and soybeans. Rapeseed output is
likely to expand in south China, because it is a winter crop
and does not necessarily compete with rice for land use.
Output of edible oilseeds was estimated at 21.6 million tons
in 1997. (5)
In terms of use, there is a clear distinction between domestic
soybeans and imported soybeans. Of domestic production,
38-44 percent (6.2 million tons) is consumed directly, or
used in other food products, primarily tofu. Low production
will lead to lower disappearance for food use. Using a 5year average, 4.2 percent (0.6 million tons) of domestic production is used for seed. Using the same data, approximately 3 percent of local production is attributed to industrial
purposes and waste. When China's officials referred to
'industrial use', the term included oil used in food processing and manufacturing. The remaining share of domestic
production-between 49 and 55 percent-is crushed.
Beginning in 1996, China became a major soybean importer
as the demand for meal and oil continued to increase, and
investments in the oilseed processing industry took place.
(2) It is generally understood that domestic soybeans have a
lower oil content than imported soybeans- 15 percent
(domestic) compared to nearly 18 percent (U.S. and Brazil).
As a result, most soybean imports are destined for the crushing industry. The total soybean crush, while averaging 8
million tons over the 5-year period, grew to 9 million tons
in 1996. Growth in the crushing industry has been fueled by
soybean imports during the past 3 years.
Demand for animal protein and vegetable oil (soybean oil
accounted for about 50 percent of total edible oil) should continue to rise because of population increases and increases in
per capita income. With the accelerating output of processed
food, use of vegetable oil in processed foods has increased.
Traditionally, stocks of food grains and oils are kept for
national security reasons. China's officials seldom reveal
concrete numbers, magnitude, or current direction of buildup
or depletion. The State Administration of Grain Reserves
(SAGR) is responsible for procuring and storing grains and
oilseeds. There are three levels of reserves: central government, local reserve, and on-farm stocks. Under the new grain

4These seven provinces are Heilongjiang, Jilin, Inner Mongolia,


Liaoning, Shandong, Hebei, and Henan.

Economic Research Service/USDA

marketing reform, SAGR is responsible for storing selected


grains and oilseeds for purposes of food security and for balancing prices in disaster years. Provincial government officials manage local stocks. In terms of the state's priorities for
securing grains, wheat and rice (food grains) rank higher
than corn and soybeans (feed ingredients).
The MOA Information Center provided no explanation or
identification about the nature (ownership) of the stock
numbers listed in table A-I. Officials at SAGR implied that
farmers generally do not hold stocks for commercial purposes (above and beyond their annual use). According to the
above data, it is evident that the stocks-to-use ratio has
decreased from more than 23 percent in 1993/94 to just
under 10 percent in 1996/97. In other words, stock levels
declined from 84 days' use to 36 days' use. These data are
consistent with the increase in total soybean disappearance
that has been driven by rising soybean meal and oil demand
and rising prices.

Soymeal Supply and Use


Soybean meal supply has increased dramatically beginning
in 1996/97. Total availabilities of soybean meal increased to
nearly 11 million tons in 1997/98, up 126 percent from
1993/94. Soymeal supplies during the 1997/98 marketing
year are to the point of surplus in certain areas. Analysts at
MOA constructed table A-2, which is the first soymeal supply and use table coming from China.
Use of soymeal, like soybeans, can be distinguished
between domestic production and imports. Soymeal production from domestic soybeans has remained relatively stable,
following domestic soybean production. It might be inferred
that the consumption of this meal is concentrated in livestock producing areas, with a relatively large share consumed by small-scale farm operations.

In contrast soymeal imports have grown dramatically,


underpinning growth and development of the feed and livestock industry. Soymeal imports are largest in the ports of
Shanghai and Guangzhou, which are both far to the south of
the major soybean producing areas. Domestic crushers that
import soybeans for processing into meal and oil are unable
to compete with soymeal imports because of the low tariff
and the absence of a value added tax (VAT) on soymeal
imports. This situation has created a severe imbalance, as
numerous agents have continued to import soymeal despite
growing stocks.
Soymeal accounts for about 16-20 percent of swine and
poultry rations, and approximately 25 percent of commercial aquaculture feedstuffs (1). In 1998, soymeal's share of
livestock feed was possibly at its highest level due to the
availabilities and the relatively low prevailing prices compared with other protein substitutes such as fish meal. Pork
production and consumption are expected to expand at a

Oil Crops Situation and Outlook/OCS-1998/0ctober 1998

15

Table A-1-China's soybean supply and use, 1993/94 to 1997/98


Item

Unit

1993/94

1994/95

1995/96

1996/97

1997/98

1,000 tons
Area
Yield
Production
Imports
Domestic supply
Beginning stocks
Total supply

9,454
1,619
15,300
130
15,430
1,900
17,330

9,222
1,734
16,000
160
16,160
3,300
19,460

8,127
1,661
13,500
800
14,300
3,100
17,400

7,470
1,769
13,300
2,190
15,490
2,000
17,490

8,297
1,627
13,800
2,900
16,700
1,500
18,200

6,000
5,500
690
140
1,100
14,030
3,300
17,330

8,500
6,400
610
460
390
16,360
3,100
19,460

7,940
6,250
560
480
220
15,400
2,000
17,400

8,450
6,280
620
440
200
15,990
1,500
17,490

9,000
6,320
610
270
200
16,400
1,800
18,200

(percent)

1,400
23.5

-200
18.9

-1,100
13.0

-500
9.4

300
11.0

(RMB/kg)

2.38

2.65

3.08

3.4

3.1

(1000 hal
(kg/ha)

Crushed
Food use
Seed and waste
Other use
Exports
Domestic use
Yearend stocks
Total use
Change in stocks
Stocks-to-use ratio
Domestic yearend
market price

Source: Ministry of Agriculture, Information Center, April 1998.

Table A-2-Soymeal supply and use, 1993/94 to 1997/98


1993/94

1994/95

1995/96

1996/97

1997/98

1,000 tons
6,650

8,300
160

Total crush

6,650

8,460

Domestic meal production

5,185

6,600

Calculated meal
extraction rate (percent)

78.0

Crush (domestic beans)

6,260

6,200

800

2,090

2,800

7,940

8,350

9,000

6,190

6,510

7,020

78.0

78.0

78.0

78.0

21

50

1,550

3,750

4,000

5,206

6,650

7,740

10,260

11,020

954

1,280

100

30

30

4,855

5,370

7,640

10,230

10,990

1,260

1,210

1,310

1,400

14.9

15.2

15.7

15.6

Crush (imported beans)

Meal imports
Total meal supply
Exports
Domestic meal use
Domestic oil production
Calculated oil
extraction (percent)

7,140

Source: MOA, Information Center, April 1998.

slower rate than the previous decade as modernization of the


hog sector progresses slowly. For commercial poultry and
aquaculture products, where feed conversion rates are more
attractive, growth has great potential.

Soybean Oil Supply and Use


Edible oil crushed from rapeseeds, peanuts, sunflower
seeds, cottonseed, and soybeans totaled about 7 million tons
in 1997. Oil imports for 1997 were 2.75 million tons and
exports were about 750,000 tons so that net imports were
about 2 million tons. Annual consumption was about 9 million tons excluding soyoil and cottonseed oil.

16

Oil Crops Situation and Outlook/OCS-1998/0ctober 1998

The table provided by MOA analysts highlighted several


interesting aspects: (1) imports for 1996/97 and 1997/98 are
higher than customs statistics suggest, implying that there is
an acknowledgment that soyoil is entering through unofficial trade channels5 ; (2) surplus (or stocks) data are included; and (3) 1997/98 supply and use are forecast. This suggests MOA has made significant progress in developing and
circulating up-to-date supply and use tables similar to those
us~d by USDA's World Agricultural Outlook Board.

5Because of a preferential tax treatment for soymeal imports, China's


domestic crushers were discouraged from importing beans for crushing in
recent years. As much as 1 to 2 million tons of vegetable oils have been
smuggled into China in 1997/98.

Economic Research Service/USDA

Table A-3-China's soybean oil supply and use, 1994/95 to 1997/98


Item

1994/95

1995/96

1996/97

1997/98

1,400

1,000 tons

Domestic production

1,260

1,210

1,310

Imports

1,700

1,450

1,670

1,600

Annual supply

2,960

2,660

2,980

3,000

200

460

350

380

Total supply

3,160

3,120

3,330

3,380

Domestic consumption

2,630

2,700

2,800

2,920

90

70

150

150

2,700

2,770

2,950

3,070

Surplus from past year

Exports
Annual consumption
Surplus for next year

460

350

380

310

Surplus to use ratio


(percent)

17.0

12.6

12.9

10.1

Source: MOA Information Center, April 1998.

Table A-4

Per capita vegetable oil and fat consumption, 1996.


Total
edible
oil

Total
veg.
oil

Peanut

Soy

Rapeseed

Sesame

Other
(Sunflower,
cottonseed)

Total

0.11
0.18

0.92
1.21

1.59
0.52

Kilograms

Rural
Urban

6.07
7.66

4.49
7.14

.82
1.23

.71
2.30

1.93
2.22

Source: SSB Data compiled by Colby and Crook. (Note: Rural household consumption surveys do not include consumption that is out of the home.)

Although the extent to which this information is distributed


domestically remains unclear, it is precisely the type of
information that the oilseed industry in China needs.
Domestic soybean oil production has grown in recent years
following the increase in the domestic soybean crush.
Soybean oil imports have also increased dramatically,
despite significant soyoil smuggling during 1997 and 1998.
Estimates of the extent of smuggling range between 1 and 2
million tons (including palm oil). While it is generally
assumed that the majority of the smuggling occurs in the
south, there are indications that much of the oil reached
northern ports, as the smuggling is likely a paper transaction
(non-declaration at customs to avoid the tariff and VAT).
As with the production and use of soybeans and soybean
meal, there are distinctions to be made across China's rural
and urban sectors. The growth in soyoil consumption is taking place predominantly in the urban areas where availability and restaurant use are the highest. Per capita edible oil
consumption is low in rural areas and expansion there will
be more rapid than in urban areas. There may be some temporary slowing of demand for animal proteins and vegetable
oils as residents in China adjust to new economic situations.
These situations include economic uncertainties and constrained food budgets as urban consumers have to pay an
increasing share of their income for housing, education, and
health, which the government used to pay for. But in the
long run, increasing demand for animal protein and edible
oil should remain strong.

Economic Research Service/USDA

Consumption of soyoil by the industrial food processing


sector has also experienced significant growth in urban centers. Part of this increase was caused by reducing the use of
palm oil in manufacturing instant noodles, which requires a
great deal of vegetable oil. Private companies indicated that
small amounts of soybean oil are used in paints and printing
in Shanghai. (1)
In the rural areas, farmers consume oil from their own
oilseed production. Consumption, with regards to quantity
and type, is largely a function of availability as well as
income levels (table A-4). Total rural vegetable oil consumption is estimated at only 4.49 kg per person according
to SSB data for 1996.
While the type of vegetable oil consumed depends on local
oilseed production, there are also some interesting relationships between per capita vegetable oil consumption and per
capita meat consumption across regions. Families often purchase fatty meat at markets and rend the fat in a wok and
then proceed to stir fry vegetables, sauces and meats. Hence
in some areas there is a connection between meat consumption and edible oil consumption. In the urban areas, vegetable oil consumption is influenced by taste and preferences as well as imports and availability. Consumers in the
north and northeast prefer soyoil, while western consumers
in Sichuan like rapeseed oil and southerners in Guangdong
enjoy peanut oil more than any other oils. In general per
capita consumption is higher in urban areas, with the nation-

Oil Crops Situation and Outlook/OCS-1998/0ctober 1998

17

al average reported as 7.14 kg by SSB. Animal fat consumption in urban areas is noticeably lower than in rural areas.
Data on urban consumption underestimate total per capita
vegetable oil consumption due to the following factors: (1)
out-of-home consumption is not included; and (2) consumption of oil in processed products, which use significant
amounts of soy and palm oil, are not included.
Urban areas are also experiencing significant growth in the
production and consumption of refined oils. While no statistics are available on consumption of refined oils, traders
suggested that up to 25 percent of the vegetable oil consumed in China's urban areas was refined. The majority of
oil consumed is second grade, which is only degummed.

References:
1. Crook, Frederick W., Robert Hanson, Hsin-Hui Hsu, Brad
Karmen, and Philip Laney, "Soybean Consumption and
Trade in China: A Trip Report," unpublished trip report,
July 1998.

2. Diao, Xinshen, "China Becoming a Net Importer of


Oilseeds, Oil, and Meal," International Agriculture and
Trade Reports: China, Situation and Outlook Series,
USDA, Economic Research Service, WRS-97-3, June
1997.
3. ERS, International Agricultural Baseline Projections to
2007, AER-767, August 1998.
4. He, Niancun and Weilu Yang (ed.), Soycomplex Market
Analysis and Forecast in 1998, in Chinese, State
Administration of Grain Reserve, National Grain and
Information Center, Beijing, 112 pages, April 1998.
5. State Statistical Bureau, A Statistical Survey of China,
1998, Beijing, China, May 1998.

18

Oil Crops Situation and Outlook/OCS-1998/0ctober 1998

Economic Research Service/USDA

Special Article

Despite Rise of Market Forces, Continued Government


Intervention in China's Soybean Economy
Adds Uncertainty in World Oilseed Markets
Frederick "Iv. Crook and Hsin-Hui Hsu l

Abstract: China's soybean economy is an important element in world oilseed markets


because China is both a major producer, consumer and recently a major importer of soybeans. China's government intervenes in its soybean economy in many different ways and
policy changes can have substantial effects on production, consumption, and trade. This
report briefly outlines the major policies affecting China's soybean economy. Information for
this paper came from a USDA Soybean Team that visited China in July 1998 and from previously published materials on China's agricultural policies (3,4, and 5).
Keywords: China, soybeans, marketing reform

Where Do Soybeans Fit in China's


Policy Context?
China's leaders and statisticians regard soybeans as a grain
crop, but all grain crops do not have equal weight.
Government leaders place highest priority in terms of production and food security issues on food grains such as
wheat, rice, and corn. A few years ago soybeans were
among this high priority group, but in 1998 they appear to
have slipped. Currently the central government has fixed
procurement quotas for only wheat, rice, and corn.
In July 1998, a Deputy Director of the State Administration
of Grain Reserves (SAGR) reported that the central government no longer sets fixed quota or support prices for soybeans. Rather, the Director said that seven provinces,
including Heilongjiang and Inner Mongolia Autonomous
Regions (IMAR), set the fixed quota and support prices for
their own jurisdictions (5, p. 41). But in October colleagues
in China reported only two provinces continue to fix procurement quotas for soybeans: Heilongjiang and IMAR (9).
It appears that the central government and perhaps provincial governments are paying less attention to soybeans.
Oilseed crops such as peanuts, rapeseed sesame, and sunflowerseed have generally been freed from most government controls and currently the government relies on market
forces to manage these crops. In addition, government controls for sorghum, millet, barley, oats, peas and beans, and
potatoes have been lifted and these commodities are freely
traded in open markets.

lAgricultural economists, Economic Research Service, USDA.

Economic Research Service/USDA

Soybeans and the Government-Owned Grain


Bureau System: 1955-1997
Beginning in 1955 the China's government established the
"planned purchase and planned supply system" in which the
government-owned Grain Bureaus controlled the grain and
oilseed economies: production, purchase, transportation,
storage, milling and retailing of grains and edible oils. The
Grain Bureau organization includes a bureau in the central
government and bureaus at provincial, prefecture, and county levels with grain stations in the townships (communes).
This very large bureaucracy assessed the supply and
demand situation at each level and transferred grains from
surplus units to deficit ones.

Oil Crops Situation and Outlook/OCS-1998/0ctober 1998

19

Figure B-1

Figure B-2

China Was the World's Fourth Largest Soybean


Producer in 1997

Soybeans Claimed the Fourth Largest Planted


Area in China, 1997

Miillion metric tons

Million hectares

Rice

US
74.22

28.13

~China

~14.73

Wheat
Others

26.62

Other grain

18.07

14.3

Corn
21.06
Source: USDA, WASDE

Source: China's SSB

In this system production units were issued procurement


quotas that detailed the types, quantities, time, and place
grains were to be delivered to the local grain stations. The
central government fixed the purchase price for these quotas.
To encourage production units to sell even more grain after
completing their fixed quotas, the government set an abovequota price. When open markets were allowed in the early
1980s, production units immediately began to be aware of
the price gaps between the fixed quota, above-quota, and the
open market price. In time the government began to raise the
fixed quota and above-quota prices (figure B-3).

From 1955 through the early 1980s the grain Bureaus dealt
with all grains. But with the opening of rural markets in the
early 1980s Grain Bureaus began to pay less attention to
minor grains such as potatoes, sorghum, millet, barley, oats,
peas, and beans. Most of their attention was focused on purchasing wheat, rice, corn, and soybeans.

When local free market prices rose above the fixed quota
price and support prices, as shown in figure B-3, farmers
were required to sell quantity OA to local grain stations.
After fulfilling the quota farmers then could sell quantity
AB to the grain stations (oilseed mills) at a negotiated or
open market price. Government-negotiated prices varied on
a daily basis and usually settled between the fixed quota and
market price.
In cases where market prices fell below the fixed quota
prices, the government provided for support prices (baohu
jige). For example when China's domestic corn prices fell
below the fixed quota price in 1997, Grain Bureaus were
supposed to purchase corn at the support price. Figure B-4
illustrates the situation where market prices fall below the
support price and government "support" prices become
effective. In this case, farmers would sell quantity OA to the
grain stations at the fixed quota price. The Grain Bureau
grain stations were supposed to purchase soybean AC at
support price. Quantity BC is greater than the market
requirements, and presumably this quantity would have
been placed in government storage.

20

Oil Crops Situation and Outlook/OCS-1998/0ctober 1998

Soybeans in the 1998 Reform of the Grain


Marketing System
The General Situation
In March 1998 China's new Premier, Mr. Zhu Rong-ji, formulated a program to reform China's grain purchase system
which he summarized as the "Four Separations; One
Perfection." The primary focus of this policy was wheat,
rice, corn, and soybeans (3).
The first of the four separations removes policy functions
from commercial functions. Current Grain Bureaus now
handle both commercial and policy operations. For example,
they purchase grain on their own account to pursue profits,
and they also purchase grain from farmers at fixed quota
prices, store government-owned grain, mill grain, and retail
some grain at fixed prices.
Second, central government-owned grain and oil stocks are
to be kept separate from commercially held stocks. In 1997
the State Administration for Grain Reserves (SAGR) was
connected to the Ministry of Internal Trade. In the current
government reorganization the Ministry of Internal Trade
was downgraded to the status of a bureau (now the Bureau
of Internal Trade) and the SAGR was placed under the State
Planning and Development Commission. The grain and oil
stock system needed to be reformed because even though it

Economic Research Service/USDA

Figure B-3

Figure B-4

Market Prices Above the Fixed Quota Price

Fixed Quota Price Above Market Prices


p

p
Supply

Supply
Quota
Support f---+-----"'-~------:7I'

Market

Market

I-------~o_-------

1----+-----:71"'--.

Quota
Supporn-:7"----I-----t-----~

Demand
Demand

held large grain and oil stocks, its administrative structure


was ill suited to manipulating stocks to meet quantity, quality, product mixes, regional distribution, and market stabilization requirements.

grain bureaus will be separated into commercial and policy


entities. It is possible that local grain stations below the
county level will become commercial grain companies.
Local governments will merge the policy portions of the old
Grain Bureaus into "trade or commercial bureaus." Local
governments are scheduled to have responsibility for grain
production and circulation within their respective administrative boundaries.

Under the third separation, duties of the central government


in stabilizing grain and edible oil markets are to be separated from market stabilization duties of local governments.
The central government is scheduled to keep overall control
of the grain situation (perhaps control grain and edible oil
imports and exports, state-owned stocks, and the setting of
support prices). Extant provincial, prefecture, and county

The fourth separation is to divide old overdue bank debts


attributable to the purchase of grains from new debts. The
central government is still obligated to pay the old debts but

Figure B-5

China's Soybean Prices, January 1995 to May 1998


RMB/ton
4,000 , - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - ,

3,500

.,. ,.

3,000

2,500

......

2,000

......

.. . ... .. . . .

., .... .' ...

,.
,'

...

..... ....
.. . . . . .. . .. .

Market

Neg't

Quota.-'

..... """ ~- "

........

......

/-

..... -

/.....,

/',
....

,,_ ...........

1,500 L-L-----L----'------'----L.....l..-..L.--'-----L-J----l-L-----L----'------'----L...---'--..L.--'-----L-J----l-L-----L----'------'----L...---'--..L.-..L.--'---'------.l-----L-L-----L----l.----'------'---'--L..J
1995.01

1995.05

1995.09

1996.01

1996.05

1996.09

1997.01

1997.05

1997.09

1998.01

1998.05

Source: MOA-IC

Economic Research Service/USDA

Oil Crops Situation and Outlook/OCS-1998/0ctober 1998

21

Local Grain Bureaus are trying to implement the program.


Local officials disagree strongly as to how the policy will
be implemented and what effect it will have on the use
of markets.

is no longer responsible for subsidizing local operation losses under the new reform. Recent news articles from China
suggest that over the past 6 years US$ 25.8 billion in loans
have been lost. For example, $65.6 billion in loans were
advanced to Grain Bureaus to purchase grains but Grain
Bureaus can only account for the purchase of US$39. 8
worth of grain, leaving an unaccounted for balance of $28.5
billion (10). Under the reform, Grain Bureaus are expected
to make profits in all transactions if they follow the new
policy guidelines.

Current Situation with Soybeans


The 1998 USDA Soybean Team met with many officials in
Beijing and the provinces and was told that the central government no longer establishes fixed procurement quotas for
soybeans for the provinces. In July the Team was told that
seven provinces fixed their own soybean quotas, and fixed
quota prices and support prices. Officials mentioned two
provinces as examples: Heilongjiang and IMAR, but the
Team inferred that the others were Jilin, Liaoning, Hebei,
Henan, and Shandong (see table B-1).

Finally, one perfection refers to the rule that Grain Bureaus


cannot sell their grains and take a loss.
Under the newly announced reform, farmers have three
options for disposing of their wheat, rice, corn, and soybeans. First, the government wants them to deliver their
fixed quotas to local state-owned grain stations. After farmers have fulfilled their quota, the government would like
them to sell more grain to the grain stations either at market
prices or at the support price if market prices fall below the
support price. Second, farmers are permitted to use their
own grain for their household needs. Third, after filling their
quota requirements farmers apparently can sell wheat, rice,
corn, and soybeans in local open markets.

In subsequent discussions with colleagues in China the


Team found that only Heilongjiang and IMAR have set support prices for soybeans (9). Other provinces set purchase
prices for soybeans. Under the governor's grain bag responsibility system (see below) governors set purchase prices for
soybeans to meet the supply and demand conditions within
their own provinces.
If the policy is implemented as outlined, it may dampen the
growth of markets. There are many elements of this new
policy yet to be hammered out by local Grain Bureau
administrators. At the moment no one is really certain how
the policy will be implemented, which adds even more
uncertainty to the soybean economy.

The Premier wants farmers to sell wheat, rice, corn and


soybeans only to state-controlled Grain Bureaus. He has
forbidden all other institutions from buying grain and soybeans from farmers or from markets below the county
level. He wants all grain to be marketed through the Grain
Bureau (figure B-6).

Figure B-6

China's Grain Flow


Household producers of corn,
rice, wheat, and soybeans

Open market for abovequota grain sales and for


non-quota grains, i.e.,
sorghum, millet,
pulses, and potatoes

Fixed quota price,

Rural consumers

Self use

support price and


---------m-a-rk-e-t,..:p=---ri-c-e----------------

Township grain station

County grain depot


county wholesale marke~----_ _~_~
Industria
users

/
Transfers
(Ciao-bo)

22

Oil Crops Situation and Outlook/OCS-1998/0ctober 1998

Feed mills

Flour mills

Corn exports
(Chu-Kou)

Economic Research Service/USDA

Table B-1: China's soybean production, major provinces


Regions and provinces

1996
Production
1,000 tons

1995
Share
Percent

Production
1,000 tons

Share
Percent

Northeast:
Heilongjiang
Inner Mongolia
Jilin
Liaoning

4,135
834
634
404

31.28
6.31
4.80
3.06

4,273
525
783
413

31.64
3.89
5.80
3.06

North:
Shandong
Henan
Hebei

1,141
911
737

8.63
6.89
5.57

1,230
1,067
786

9.11
7.90
5.82

553
428

4.18
3.24

643
459

4.76
3.40

Central:
Anhui
Jiangsu
National total

13,221

13,504

Source: China's SSB Agricultural Statistical Yearbook.

Soybeans in the Governor's Grain Bag


Responsibility System
In the early 1990s central government leaders acknowledged
a number of troublesome trends: decreasing area sown to
grains in some provinces, large grain imports, and rising
domestic grain retail prices. Moreover, China was criticized
in the international press for mishandling grain production
and food security issues. There were projections that in
future decades China's demand for grains would greatly surpass supplies and China would require very large grain
imports, which would stress international grain markets,
placing great burdens on grain-deficit countries such as
those in Africa (l and 2).
In 1995 the central leadership initiated the "governor's grain
bag responsibility system" to promote adequate supplies of
domestic grain at provincial levels wherever possible.
Provincial governors were given the responsibility to manage overall supply and demand conditions for grains with
priority given to wheat, rice, and corn. Under the new system, provincial governors were responsible for: (l) stabilizing area sown to grain crops; (2) guaranteeing investment in
inputs like chemical fertilizers to stimulate production; (3)
guaranteeing that certain quantities of grain are put into
stocks; (4) insuring that transfers of grain in and out of a
province are completed; (5) meeting urban residents' needs
by supplying grains and edible oils; (6) stabilizing grain and
edible oil prices; (7) controlling 70 to 80 percent of commercial grain sales; (8) developing means to control grain
markets; (9) raising commercial sales as a share of total
grain sales; (10) controlling grain imports and exports; and
(11) raising the level of grain self- sufficiency.
For wheat, rice, and corn the policy has meant that the government has used price incentives and administrative means
to expand area sown and to increase production.

Economic Research Service/USDA

It is less clear how the policy has affected the soybean economy. Whereas the government appears to have been successful in boosting area and production of wheat, rice, and corn,
national area and output of soybeans have fallen since 1994.
If soybean demand is greater than supply in a province, the
province's governor has a number of options. First, he can
use administrative and price support measures to encourage
farmers in his province to grow more soybeans. Second, he
can order his grain companies to buy soybeans from other
provinces. Third, he can implement administrative measures
to limit the outflow of soybeans from in his province.
Fourth, the governor can petition the State Council to grant
import licenses (and quotas as required) to import soybeans
or soybean products from foreign suppliers.

At the moment both economic and administrative forces


affect farmers' decisions to plant soybeans. Changes in various elements of the governor's grain bag policy would
affect not only soybean production but production of other
grains and oilseeds as well as producers' responses to new
prices, new cost of production environments, and new market conditions.

Soybeans in the State Administration of Grain


Reserves (SAGR)
Now SAGR only controls those soybeans placed in central
government grain stocks. SAGR uses its soybean stocks to
maintain balance in soybean markets (5). Provincial and
municipal governments' Grain Bureaus handle local procurement and stocks.
Provincial and municipal Grain Bureaus are still required by
SAGR to report the procurement prices they are using to
purchase soybeans and the quantities purchased.

Oil Crops Situation and Outlook/OCS-1998/0ctober 1998

23

SAGR is also responsible for setting standards for soybeans


and for all soybean products except meal, for which the
Ministry of Agriculture sets the standards. For various standards of oilseeds and their byproducts, SAGR is also
responsible for testing procedures. SAGR officials also
work with the China Commodity Inspection Bureau to
check quality of soybean and soybean product imports and
exports to ensure that products in foreign trade meet contract specifications.
Government intervention in soybean markets by purchasing
soybeans when prices are low and selling when prices are
high adds uncertainty to the soybean economy. The rules
and conventions for intervention are not regularized and are
not transparent to outside observers. (7,8, 11, and 12).

Soybeans in China's Foreign Trade System


China's crushing capacity has increased greatly since the
1980s. Currently China can crush 40 to 50 million tons of
oilseeds a year, more than double the capacity needed, as
the annual crush is about 20 million tons. The State Council
now limits foreign investment in oilseed crushing but does
encourage the expansion of oil refining (de-waxing and degumming to make salad oil). For example, before 1997 the
Ministry of Foreign Trade and Economics (MOFTEC) had
to approve oilseed crushing proposals larger than $50 million. Now MOFTEC has to approve any proposals larger
than $13 million.
During meetings held in Beijing and in the major port areas
of Dalian, Shanghai, and Guangzhou, in July, the Soybean
Team attempted to understand the policies and market environment that determined the relative mix and quantities of
imported soy products. China's imports of soybeans, meal,
and oil have been large enough and volatile enough in
recent years to capture the attention of the world's entire
oilseed industry.
Soybeans are importable subject to a 3-percent tariff and a
13-percent value added tax (VAT). The VAT is calculated
using the CIF value of the soybeans, tariff included.
Although soybeans appear in the 1998 customs report as a
'tariff rate quota' (TRQ) commodity, there is currently no
active quota system for imported soybeans. In addition to
the China Cereal Oil and Foodstuff Company (COFCO),
there are a limited number of trading agents and processing
companies that have import rights. Some foreign-owned and
joint-venture processing facilities have a license to import
soybeans directly, provided that they are all processed at the
plant. The majority of soybean crushers do not have a
license to import directly, and must procure imported soy-

24

Oil Crops Situation and Outlook/OCS-1998/0ctober 1998

beans through trading agents. Officially, a VAT exemption is


granted to processors only if both the meal and oil are
exported. Other sources indicated that the VAT was refundable for state-owned companies that imported soybeans, or
that partial reimbursements of the VAT were possible.
(Note: It was indicated that processors, in principle, pay the
VAT on domestically procured soybeans, as part of the procurement price).
Soybean meal is freely importable at a 5-percent tariff.
There is no active quota system or VAT applied to soybean
meal imports. Again, importing companies must obtain a
license to import the meal. While the Soybean Team was
told that these licenses are relatively easy to obtain, they
must be obtained each time a buyer intends to import, and
the quantity is specified in each case. It was suggested by
officials in Beijing and elsewhere that the VAT exemption
for soybean meal imports is intended to provide 'support'
for feed and livestock producers.
Soybean oil is subject to a quota system, a 13-percent tariff,
and a 13-percent VAT. In addition to COFCO, there are only
five other trading companies that have the authorization to
import. It was determined in discussions with officials and
state trading companies in Beijing that there is no formal
system (procedures or deadline) for announcing quota levels. In other words, the actual quota levels do not become
public knowledge. The State Planning Commission, through
centralized decision making, determines the appropriate
level of imports, and provides end-users (oil mills, trading
companies) with the quota certificates. There appears to be a
mechanism to request, or petition for these quotas, although
the procedure and timing are not clear. Once the end-users
receive the quotas, they approach one of the authorized
importers, who typically aggregate the quotas before purchasing the oil on the international market (5).
Current import policy and practice favor the imports of
soymeal over soybeans. One high government official
explained that the tariffs and tax rates were fixed to encourage the imports of soymeal and soyoil to keep the price of
edible oils and protein meals (and meat prices) low.
The Team asked if this policy could change and the official
answered, "Maybe."
The current tariff and tax rates could change as priorities
shift in China. These changes could dramatically alter not
only the mix of commodities (beans, meal, oil) but also the
quantity of products imported.

Economic Research Service/USDA

References:
1. Brown, Lester. "How China Could Starve the World: Its
Boom Is Consuming Global Food Supplies," Outlook
Section, Washington Post, August 28, 1994.
2. Brown, Lester. Who Will Feed China? Wake Up Call for
a Small Planet. Worldwatch Institute, September 1995.
3. Crook, Frederick w., "Agricultural Policies in 1998:
Stability and Change," USDA, ERS, International
Agriculture and Trade Reports: China, Situation and
Outlook Series, WRS-98-3, July 1998.
4. Crook, Frederick W., "China's 'Governor's Grain Bag
Policy': Concerns About Food Security," China
Information, Vol. XII, No.3, Winter 1997-1998, pp. 87103.
5. Crook, Frederick w., Robert Hanson, Hsin-Hui Hsu, Brad
Karmen, and Philip Laney, "Soybean Consumption and
Trade in China: A Trip Report," unpublished trip reports,
July 1998.
6. Hapgood, Fred, "The Prodigious Soybean," National
Geographic, July, 1987.
7. Ke Bing-sheng, "On-farm Grain Stocks in China and Its
Impact on Market Balance," paper delivered at Ministry

Economic Research Service/USDA

of Agriculture sponsored International Symposium on


Food and Agriculture in China: Perspectives and Policies,
October 7-9, 1996.
8. Ma Xiao-he, "Grain Price Variation in China and Its
International Comparison," paper delivered at Ministry of
Agriculture sponsored International Symposium on Food
and Agriculture in China: Perspectives and Policies,
October 7-9, 1996.
9. Private letters from Beijing, China dated, October 16th,
1998.
10. Smith, Craig S., "China Says $25.8 Billion For Grain Is
Missing," Wall Street Journal, October 14, 1998, p. A15.
11. Tang Ren-jian, "The Status Quo, Objectives and
Philosophy of the Reform on Grain Circulation system in
China," paper delivered at Ministry of Agriculture sponsored International Symposium on Food and Agriculture
in China: Perspectives and Policies, October 7-9, 1996.
12. Wang Lin-gui, "Grain Trade, Price, Transportation and
Grain Reserves in China," paper delivered at Ministry of
Agriculture sponsored International Symposium on Food
and Agriculture in China: Perspectives and Policies,
October 7-9, 1996.

Oil Crops Situation and Outlook/OCS-1998/0ctober 1998

25

List of Tables
1. Soybean stocks: On-farm, off-farm, and total U.S., by quarter, 1986/87-1997/98
2. Soybeans: Acreage planted, harvested, yield, production, value, and loan rate, U.S., 1955/56- 1998/99
3. Edible fats and oils: Supply and disappearance, U.S., 1985/86-1998/99
4. Peanuts: Acreage planted, harvested, yield, production, and value, U.S., 1967/68-1998/99
5. Peanuts (farmers' stock basis): Supply, disappearance, and price, U.S., 1975/76-1998/99
6. Peanuts: Planted acreage, by State and region, 1970-1998
7. Peanuts: Harvested acreage, by State and region, 1970-1998
8. Peanuts: U.S. production, by State and region, 1970-1998
9. Peanuts: Yield per harvested acre, by State and region, 1970-1998
10. Corn oil: Supply, disappearance, and price, U.S., 1976/77-1998/99
11. Corn oil: Supply and disappearance, by month, U.S., 1995/96-1997/98
12. Flaxseed: Acreage planted, harvested, yield, and production, and value, U.S., 1966/67-1998/99
13. Flaxseed: Supply, disappearance, and price, U.S., 1966/67-1998/99
14. Linseed meal: Supply and disappearance, U.S., 1966/67-1998/99
15. Linseed oil: Supply, disappearance, and price, U.S., 1966/67-1998/99
16. Soybeans: Supply, disappearance, and price, U.S., 1966/67-1998/99
17. Soybean meal: Supply, disappearance, and price, U.S., 1966/67-1998/99
18. Soybean oil: Supply, disappearance, and price, U.S., 1965/66-1998/99
19. Soybeans: Supply and disappearance, by month, U.S., 1993/94-1997/98
20. Soybean meal: Supply and disappearance, by month, U.S., 1994/95-1997/98
21. Soybean oil: Supply and disappearance, by month, U.S., 1994/95-1997/98
22. Soybean product prices, by month, U.S., 1994/95-1997/98
23. Soybeans: Monthly value of products per bushel of soybeans processed, and spot price spread,
U.S., 1988/89-1997/98
24. Supply and use: Soybeans, soybean meal, and soybean oil, U.S., major foreign exporters, importers,
and world, 1995/96-1998/99
25. Cottonseed: Acreage planted, harvested, yield, production, and value, U.S., 1965/66-1998/99
26. Cottonseed: Supply, disappearance, and price, U.S., 1975/76-1998/99
27. Cottonseed meal: Supply, disappearance, and price, U.S., 1965/66-1998/99
28. Cottonseed oil: Supply, disappearance, and price, U.S., 1965/66-1998/99
29. Cottonseed: Supply, and disappearance, by month, U.S., 1994-1998
30. Cottonseed meal: Supply, and disappearance, by month, U.S., 1993/94-1997/98
31. Cottonseed oil: Supply, and disappearance, by month, U.S., 1993/94-1997/98
32. Cottonseed: Products and prices, by month, U.S., 1992/93-1997/98
33. Sunflowerseed: Acreage planted, harvested, yield, production, and value, U.S., 1965/66-1998/99
34. Sunflowerseed: Supply, disappearance, and price, U.S., 1977/78-1998/99
35. Sunflowerseed meal: Supply, disappearance, and price, U.S., 1977/78-1998/99
36. Sunflowerseed oil: Supply, disappearance, and price, U.S., 1977/78-1998/99
37. Canola seed: Supply and disappearance, U.S., 1988/89-1998/99
38. Canola oil: Supply and disappearance, U.S., 1988/89-1998/99
39. Canola meal: Supply and disappearance, U.S., 1988/89-1998/99
40. Fats and oils used in edible products, by use, U.S., 1989/90-1997/98
41. Prices: Farm, wholesale, and index numbers of wholesale prices, by month, U.S., 1990-1998
42. Fats and oils: Domestic consumption in food products, U.S., 1975-1997
43. Fats and oils: Use in selected industrial products, U.S., 1975-1997
44. Salad and cooking oils: Supply and disappearance, U.S., 1975-1997
45. Salad and cooking oils: Fats and oils used in manufacture, U.S., 1975-1997
46. Baking and frying fats: Supply and disappearance, U.S., 1975-1997
47. Baking and frying fats: Fats and oils used in manufacture, U.S., 1975-1997
48. Margarine (actual weights): Supply, disappearance, and price, U.S., 1975-1997
49. Margarine: Fats and oils used in manufacture, U.S., 1975-1997
50. Lard: Supply, disappearance, and price, U.S., 1975-1997
51. Butter (actual weight): Supply, disappearance, and price, U.S., 1975-1997
52. Edible tallow: Supply, disappearance, and price, U.S., 1975-1997
53. World oilseed production, 1992/93-1998/99
54. World vegetable and marine oils production, 1992/93-1998/99
55. World protein meal production, 1992/93-1998/99

26

Oil Crops Situation and Outlook/OCS-1998/0ctober 1998

27
.28
29
.30
30
31
.31
.32
.33
.34
.34
.35
.35
36
36
37
37
.38
.39
.40
41
.42
.43
.45
.46
.46
.47
.47
.48
.49
50
51
52
52
53
53
54
54
54
55
57
66
67
67
68
68
69
69
70
70
71
71
72
72
72

Economic Research Service/USDA

Table 1--Soybean stocks: On-farm, oft-farm, and total U.S., by quarter,


1986/87-1997/98
------------------------------------------------------------------------------------------------

Date

On-farm

Oft-farm

Total

------------------------------------------------------------------------------------------------1986/87
December 1
March 1
June 1
September 1
1987/88
December 1
March 1
June 1
September 1
1988/89
December 1
March 1
June 1
September 1
1989/90
December 1
March 1
June 1
September 1
1990/91
December 1
March 1
June 1
September 1
1991/92
December 1
March 1
June 1
September 1
1992/93
December 1
March 1
June 1
September 1
1993/94
December 1
March 1
June 1
September 1
1994/95
December 1
March 1
June 1
September 1
1995/96
December 1
March 1
June 1
September 1
1996/97
December 1
March 1
June 1
September 1
1997/98
December 1
March 1
June 1
September 1

1,061,000
589,000
282,100
107,950

895,637
749,958
554,654
328,497

1,956,637
1,338,958
836,754
436,447

868,300
553,100
304,900
105,050

889,981
594,620
351,382
197,426

1,758,281
1,147,720
656,282
302,476

650,000
415,000
229,200
87,320

716,812
475,246
235,311
94,709

1,366,812
890,246
464,511
182,029

793,400
535,800
255,300
86,000

817,316
519,705
340,614
153,139

1,610,716
1,055,505
595,914
239,139

754,000
555,500
336,500
118,400

929,963
634,619
387,022
210,642

1,683,963
1,190,119
723,522
329,042

810,000
505,000
279,000
105,000

962,732
672,343
416,671
173,437

1,772,732
1,177,343
695,671
278,437

876,100
576,900
319,800
124,970

959,885
638,667
363,613
167,314

1,835,985
1,215,567
683,413
292,284

697,400
425,700
195,000
59,080

876,220
595,917
360,195
150,037

1,573,620
1,021,617
555,260
209,117

985,800
635,300
348,800
105,130

1,116,156
734,898
443,072
229,684

2,101,956
1,370,198
791,872
334,814

861,500
512,000
234,100
59,523

971,929
678,356
388,701
123,935

1,833,429
1,190,356
622,801
183,458

935,100
514,000
216,000
43,600

889,984
541,912
283,890
87,786

1,825,084
1,055,912
499,890
131,386

1,999,417
951,417
1,202,922
565,922
593,654
275,654
199,799
115,499
------------------------_..... ------_....... ---------_.......------------ ..---------------------------------Source: Agricultural Statistics Board, ASB/NASS.
Economic Research ServicelUSDA

1,048,000
637,000
318,000
84,300

Oil Crops Situation and OutiooklOCS-1998/0ctober 1998

27

Table 2-Soybeans: Acreage planted, harvested, yield, production, value, and loan rate, U.S., 1955/56-1998/99
----------------------------------------------------------------------------------------------------------------------------------------------------

Value
Loan
Yield
Production
rate 11
per acre
----------------------------------------------------------------------------------------------------------------------------------------------------$/bu.
Bushels 1,000 bushels
$1,000
----------------1,000 acres----------Year

Planted

Harvested

2.04
830,909
20.1
373,682
18,620
19,674
1955
449,251
980,299
2.15
20,620
21.8
21,700
1956
1,002,641
2.09
23.2
483,425
21,938
20,857
1957
2.09
580,250
1,160,112
25,108
23,993
24.2
1958
532,899
1,046,468
1.85
22,631
23.5
23,349
1959
1,184,910
1.85
23,655
23.5
555,085
1960
24,440
1,543,909
2.30
25.1
678,554
27,787
27,003
1961
1,564,352
2.25
27,608
24.2
669,186
28,418
1962
699,165
1,755,076
2.25
28,615
24.4
1963
29,462
22.8
700,921
1,836,441
2.25
31,721
30,793
1964
2,151,305
2.25
34,449
24.5
845,608
1965
35,227
2.50
25.4
928,481
2,553,612
1966
37,294
36,546
976,439
2,433,519
2.50
40,819
39,805
24.5
1967
2.50
26.7
1,106,958
2,688,571
42,265
41,391
1968
2.25
41,337
27.4
1,133,120
2,664,204
1969
42,534
26.7
1,127,100
3,214,710
2.25
1970
43,082
42,249
3,560,022
2.25
43,476
42,705
27.5
1,176,101
1971
2.25
46,866
45,683
27.8
1,270,608
5,550,074
1972
8,790,042
2.25
56,549
55,667
27.8
1,547,543
1973
51,341
23.7
1,216,287
8,078,943
2.25
1974
52,479
53,617
28.9
1,548,344
7,622,493
N.A.
1975
54,590
1,288,608
2.50
50,269
49,401
8,775,761
26.1
1976
58,978
57,830
30.6
1,767,267
10,383,377
3.50
1977
63,663
29.4
1,868,754
12,449,679
4.50
1978
64,708
1979
71,411
70,343
32.1
2,260,665
14,203,660
4.50
67,813
26.5
1,797,543
13,601,112
5.02
1980
69,930
30.1
1981
67,543
66,163
1,989,110
12,004,638
5.02
69,442
31.5
2,190,297
5.02
1982
70,884
12,483,481
1983
63,779
62,525
26.2
1,635,772
12,978,513
5.02
66,113
28.1
1,860,863
10,864,686
5.02
1984
67,755
1985
63,145
61,599
34.1
2,099,056
10,583,535
5.02
33.3
9,274,487
1986
60,405
58,312
1,942,558
4.77
1987
58,180
57,172
33.9
1,937,722
11,391,000
4.77
1988
58,840
57,373
27.0
1,548,841
11,487,742
4.77
1989
60,820
59,538
32.3
1,923,666
4.53
10,916,145
57,795
1990
56,512
34.1
1,925,947
11,042,010
4.50
1991
58,250
58,011
34.2
1,986,539
11,091,996
4.92
1992
59,180
58,233
37.6
2,190,354
12,167,564
4.92
1993
59,240
57,347
35.8
2,221,340
11,949,633
4.92
1994
60,135
60,859
32.6
1,870,958
13,756,328
4.92
1995
61,678
60,859
41.4
2,516,800
14,616,758
4.92
1996
64,225
63,440
37.6
2,382,364
17,455,175
4.97
1997
70,550
69,584
38.8
2,702,554
17,431,473
5.26
19982/
72,690
71,570
38.7
2,768,919
14,813,717
5.26
---------------------------------------------------------------------------------------------------------------------------------------------------Compiled from reports by NASS and ASCS, USDA.
N.A. = Not applicable.
1/ A marketing loan program replaced the nonrecourse loan of previous years beginning with the 1991 crop.
Effective marketing loan value is $4.92 ($5.02 less 2-percent origination fee) for crop years 1991-1993.
2/ Forecast.

28

Oil Crops Situation and Outlook/OCS-1998/0ctober 1998

Economic Research Service/USDA

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co

<0
<0

......

0CD

co
0
Sl

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<0

......

C{J

5"

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Cl.

:::J

PJ

:::J

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e:

CIl

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Table 3--Edible fats and oils: Supply and disappearance, U.S., 1985/86-1998/99
1985

1986

1987

1988

1989

1990

1991

1992

1993

1994

1995

1996

1997
11

1998
21

51
10,553
144
1,595

---

1,019
863
650
810
591
333
121

33
1,257
452
44

---

22
344
442
108
0
0
93

73
11,627
584
1,625

---

1,076
1,143
573
745
507
381
161
181
57.
10,833
186
1,244

49
268
214
103
0
0
6
0
29
1,187
343
59

1,400
781
853
152
0
98
12,783
587
1,278

1,253
1,070
899
257

0
8
0

1,087
11
141
474
397
2
185
0
15
0

62

308
120
85
22
73
71
62
23
947
54
0
41

1,217
0
119
611
362
1

--

---

132
74
107
41
53
42
18
34
632
66

935
1,066
750
787
342
467
219
261
24
10,930
88
1,184

77
367
409
120
0
0
7
0
55
1,873
703
112

1,436
1,204
916
168
14
93
12,974
831
1,300

1,074
25
165
362
463
33
273
0
196
4

271
109
90
29
40
86
49
36
1,725
112
4
35

904
1,073
850
811
315
375
227
488
44
10,591
126
981

55
356
406
127
4
4
11
8
61
1,661
468
246

1,415
1,243
940
250
54
96
11,737
518
1,201

778
0
183
298
384
2
430
21
138
0

332
111
160
39
60
82
24
51
2,092
157
31
57

866
1,028
765
845
256
344
193
510
110
12,083
174
876

44
414
354
85
2
2
19
6
43
1,353
350
324

1,470
1,039
909
193
130
103
13,004
475
1,193

1,038
13
192
249
370
5
391
31
22
5

152
99
147
42
37
86
38
62
1,715
82
20
36

897
1,149
851
807
256
362
197
577
58
12,164
200
955

51
498
249
110
2
4
25
7
56
780
359
252

1,656
1,154
915
213
18
78
13,408
536
1,202

946
3
211
284
306
10
583
22
17
33

279
127
80
23
29
110
24
42
1,305
38
24
33

906
1,202
1,075
855
223
344
179
801
18
12,245
396
1,197

22
566
281
131
2
7
151
15
73
1,648
471
346

1,821
1,279
987
356
32
69
14,345
911
1,515

838
18
216
220
342
1
815
22
1
9

277
138
137
24
53
53
25
28
1,786
47
41
41

Million pounds

1,082
1,219
995
886
271
254
236
898
47
13,054
188
1,109

15
712
177
129
9
7
52
16
65
1,419
586
296

1,878
1,137
1,011
286
49
87
13,778
730
1,414

1,162
38
253
267
302
0
861
15
10
0

187
196
78
27
44
49
51
28
2,239
100
71
33

1,067
1,228
873
890
359
315
187
1,162
40
12,941
129
1,204

20
716
248
119
4
7
61
76
75
1,529
450
301

1,906
1,119
1,015
212
406
111
13,951
580
1,499

999
26
262
368
304
11
902
16
68
7

251
150
81
26
33
88
50
18
1,555
56
67
41

1,082
1,238
1,006
924
225
295
206
1,165
57
12,916
171
1,268

18
875
329
140
2
13
97
153
93
2,680
978
259

2,217
1,312
1,053
314
299
115
15,613
1,165
1,542

1,100
0
260
218
280
4
938
26
17
1

163
118
106
34
35
73
25
31
1,103
65
137
36

941
1,298
996
922
201
293
192
1,271
17
13,465
168
1,303

11
977
221
94
2
20
108
147
122
992
628
220

2,139
1,229
1,013
321
355
127
15,240
860
1,505

873
0
227
236
262
5
1,086
35
95
2

163
241
82
24
15
55
40
21
1,137
82
54
52

1,111
1,245
1,012
871
298
362
194
1,135
78
14,263
217
1,200

11
988
232
103
2
9
21
293
83
2,037
709
176

2,230
1,216
970
221
341
115
15,752
849
1,390

1,188
0
304
322
392
14
1,075
30
53
22

83
116
94
23
31
22
65
44
2,015
147
78
34

1,195
1,260
985
917
276
322
216
1,290
73
15,159
215
1,275

11
1,100
205
125
2
11
13
311
83
3,175
816
236

2,335
1,230
1,065
176
485
119
18,143
990
1,500

1,367
0
342
251
351
8
1,127
35
57
23

149
129
66
20
46
51
86
27
1,520
93
66
48

1,292
1,300
810
990
282
335
205
1,510
77
15,400
235
1,202

15
1,125
100
110
2
11
15
364
84
2,650
915
210

2,400
850
1,100
213
561
131
18,195
1,150
1,415

1,213
0
397
298
353
5
1,324
33
58
20

376
105
107
45
46
77
41
26
1,387
75
77
37

Compiled from reports by the Bureau of the Census.


11 Preliminary and estimated. 21 ERS and WAOB forecast.

31 August-July year beginning 1982. 41 Lard, corn oil, and tallow exports are net of imports.

------------------------------------------------------------------------------------------------------------------------------------------------_._--------~---~-_._._~-----~-------------------------------------------------------------------------

stocks October 1
Coconut
Corn
Cottonseed
Lard
Palm
Palm kernel
Peanut 31
Safflower
Soybean
Sunfiower
Canola
Tallow, edible
Imports
Coconut
Cottonseed
Olive oil (net)
Palm
Palm kernel
Peanut
Canola
Safflower
Soybean
Sunfiower
Production
Corn
Cottonseed
Lard
Peanut
Canola
Safflower
Soybean
Sunfiower
Tallow, edible
Exports
Coconut
Corn 41
Cottonseed
Lard 41
Palm kernel
Palm
Peanut
Canola
Safflower
Soybean
Sunfiower
Tallow, edible 41
Domestic
disappearance
Coconut
Corn
Cottonseed
Lard
Palm
Palm kernel
Peanut
Canola
Safflower
Soybean
Sunfiower
Tallow, edible

-------------------------------------------------------.---.----.------------------------------------.---------------------------------------------------------------------------

Item

---------------------._-_.----------------------------------------------------------------------------------------------------------------------------------

Table 4--Peanuts: Acreage planted, harvested, yield, production, and


value, U.S., 1967/68-1998/99
...-------------_.

__....-------------_.........-----------------------------------------------

Year

Planted
1/

Harvested
2/

Yield
per acre

Production

Value
3/

........------------_..............._--------------_...._-----------------------------------------------------------1,000 acres------1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998 4/

1,473.8
1,495.9
1,512.1
1,517.6
1,528.9
1,532.8
1,530.2
1,519.6
1,531.9
1,544.6
1,540.6
1,540.8
1,545.9
1,521.4
1,514.0
1,311.4
1,411.0
1,558.6
1,490.4
1,564.7
1,567.4
1,657.4
1,665.2
1,846.0
2,039.2
1,686.6
1,733.5
1,641.0
1,537.5
1,401.5
1,431.0
1,503.0

1,403.5
1,438.4
1,455.7
1,469.2
1,454.5
1,486.4
1,495.7
1,472.1
1,500.0
1,517.5
1,512.4
1,509.1
1,519.7
1,399.8
1,488.7
1,277.4
1,373.5
1,528.0
1,467.4
1,535.2
1,547.4
1,628.4
1,644.7
1,815.5
2,015.7
1,669.1
1,689.8
1,618.5
1,517.0
1,380.0
1,410.8
1,475.5

Lbs.
1,765
1,770
1,742
2,031
2,066
2,203
2,323
2,491
1,564
2,464
2,456
2,619
2,611
1,645
2,675
2,693
2,399
2,883
2,810
2,408
2,337
2,445
2,426
1,985
2,444
2,567
2,008
2,624
2,282
2,653
2,507
2,448

Million
pounds
2,477.3
2,546.6
2,535.4
2,983.1
3,005.1
3,274.8
3,473.8
3,667.6
3,846.7
3,739.2
3,715.1
3,952.4
3,968.5
2,302.8
3,981.9
3,440.3
3,295.5
4,405.9
4,122.8
3,697.1
3,616.0
3,980.9
3,990.0
3,603.7
4,926.6
4,284.4
3,392.4
4,247.5
3,461.5
3,661.2
3,537.1
3,611.4

$ million

282.1
303.7
312.4
383.0
408.4
475.4
562.5
658.0
754.5
746.7
780.9
833.9
819.3
578.6
1,069.5
862.7
814.6
1,230.8
1,003.4
1,073.3
1,021.9
1,115.2
1,116.5
1,257.2
1,392.0
1,285.4
1,030.9
1,229.0
1,013.3
1,029.8
923.2
1,021.9

-----_.........._--_ .. _...-....._---------------------------------------_.............._....---....-----------1/ Area planted for all peanuts. 2/ Area harvested peanuts for nuts.
3/ Crop value is peanuts for nuts, both quota and nonquota peanuts.
4/ Forecast.

Table 5--Peanuts (farmers' stock basis): Supply, disappearance, and price, U.S., 1975/76-1998/99
Supply
Year
beginning
August 1

Beginning
stocks

Production

Price

Disappearance
Imports

Total

Crush

Exports

Food Seed,loss,
shrinkage,
and
residual 1/

Total

Average
received
by
farmers

Support
-----------Quota
Add'i

-------------------------------------------------------------MiIIion pounds------------------------------------------------------------ ------------Centsllb.-------------1975


1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1992
1994
1995
1996
1997
1998 2/

1,146
1,060
608
581
586
628
413
757
864
611
1,424
845
1,003
833
843
701
683
1,055
1,350
1,061
1,198
758
795
848

3,847
3,739
3,715
3,952
3,968
2,303
3,982
3,440
3,296
4,406
4,123
3,697
3,616
3,981
3,990
3,604
4,927
4,284
3,392
4,247
3,461
3,661
3,537
3,611

1
1
1
1
1
1
2
2
2
2
2
2
2
3
4
27
5
2
2
74
153
127
141
152

4,994
4,800
4,324
4,534
4,555
3,332
4,397
4,199
4,162
5,019
5,549
4,544
4,621
4,817
4,837
4,332
5,615
5,341
4,744
5,382
4,812
4,545
4,473
4,612

1,447
1,108
487
527
571
446
573
342
387
625
812
514
560
814
624
689
1,103
891
670
982
999
692
544
675

434
783
1,025
1,141
1,057
503
576
681
744
860
1,043
663
618
688
989
652
997
951
553
878
824
666
681
685

1,740
1,635
1,675
1,759
1,777
1,465
1,696
1,849
1,856
1,911
2,023
2,073
2,071
2,254
2,312
2,020
2,207
2,122
2,088
2,009
1,993
2,029
2,099
2,135

313
666
556
521
522
505
795
463
564
199
826
291
539
217
211
288
254
27
372
315
238
363
300
307

3,934
4,192
3,743
3,948
3,927
2,919
3,640
3,335
3,551
3,595
4,704
3,541
3,788
3,974
4,136
3,649
4,561
3,991
3,683
4,184
4,054
3,751
3,624
3,802

19.6
20.0
21.0
21.1
20.6
25.1
26.9
25.1
24.7
27.9
24.3
29.2
28.0
27.9
28.0
34.7
28.3
30.0
30.4
28.9
29.3
28.1
26.1
28.3

19.70
20.70
21.50
21.00
21.00
22.75
22.75
27.50
27.50
27.50
27.95
30.37
30.41
30.76
30.79
31.57
32.14
33.75
33.75
33.92
33.92
30.50
30.50
30.50

NA
N.A.
N.A.
12.5
15.0
12.5
12.5
10.0
9.3
9.3
7.4
7.5
7.5
7.5
7.5
7.5
7.5
6.6
6.6
6.6
6.6
6.6
6.6
8.8

N.A. =Not applicable.


1/ Current estimates for farm use and local sales are not available, so these uses are now included as part of the residual use. 2/ Forecast.

30

Oil Crops Situation and Outlook/OCS-1998/0ctober 1998

Economic Research Service/USDA

Table 6Peanuts: Planted acreage, by State and region, 19701998

------- ..-------------------------_.-.-----------------.-----------------------------------------------------------------------------------------------------------------------._---.-----._Crop
year

Southeast.......
FL
GA
SC Total
AL

Virginia
Southwest ..Carolina
NM
Total
NC
Total
OK
TX
VA

United
States

-------------------------------_ ..-----------------------------_.-------.---------- ...------------------------------------------------------------_..---------------------------------------.....................................1, 000 acres........................._.............


1970
1971
1972
1973
1974

195.0
199.0
201.0
204.0
204.0

74.0
74.0
71.0
68.0
66,0

518.0
518.0
520.0
520.0
519.0

16.3
15.3
15,8
15,9
15,9

803,3
806,3
807.8
807.9
804,9

122.0
122.0
122.0
123.0
121,0

307.0
310,0
313.0
311.0
309,0

8.3
8,1
8,0
7.8
7.7

437.3
440,1
443,0
441.8
437.7

103,0
103.0
103.0
103.0
104.0

170.0
170.0
169.0
168,0
168.0

273.0
273.0
272,0
271.0
272.0

1,517.6
1,538.9
1,532,8
1,530.2
1,519,6

1975
1976
1977
1978
1979

208,0
212,0
212,0
211.0
211.0

63.0
63,0
63.0
63.0
64,0

527.0
529.0
530.0
530,0
530,0

16,0
16.0
15.5
15.5
15,0

814.0
820.0
820,5
819,5
820.0

122,0
124,0
123,0
123.0
123.0

307.0
310,0
306.0
307,0
315,0

8.9
9.6
9.6
9,5
9,2

437,9
443,6
438,6
439.5
447.2

104,0
104.0
105.0
104,0
103.0

167.0
168.0
169.0
170.0
168,0

271.0
272.0
274.0
274,0
271.0

1,531.9
1,544.6
1,540.6
1,540.8
1,545.9

1980
1981
1982
1983
1984

209.0
224.0
179.0
182.0
221.0

65,0
69.0
59.0
69.0
85.0

530.0
570.0
475,0
567,0
643.0

15.0
15.0
12.0
13.0
15.0

819.0
878.0
725.0
831.0
964.0

123.0
95.0
88,0
93,0
93.0

290.0
244.0
240.0
230.0
232.0

8.9
10,0
10.4
11.0
14.6

421.9
349.0
338.4
334,0
339,6

104.0
105.0
96.0
96,0
98,0

169,0
175.0
152,0
150.0
157,0

273,0
280.0
248,0
246,0
255,0

1,521.4
1,514,0
1,311.4
1,411,0
1,558.6

1985
1986
1987
1988
1989

201.0
220.0
221.0
237.0
240.0

80.0
94.0
91,0
98,0
95,0

595.0
675.0
635,0
690,0
690.0

12.0
12.0
13,0
13.0
13.0

8880
1,001,0
960.0
1,038.0
1,038.0

87.0
92.0
100.0
99.0
99.0

252,0
225,0
254.0
260,0
265.0

12.4
12,7
12.4
13.4
18,2

351.4
329.7
366.4
372.4
382.2

96,0
89.0
91,0
92,0
92,0

155.0
145.0
150,0
155,0
153,0

251.0
234.0
241,0
247,0
245.0

1,490.4
1,564.7
1,567.4
1,657.4
1,665.2

1990
1991
1992
1993
1994

258.0
278,0
237.0
240.0
223.0

108.0
126.0
85.0
98.0
92,0

782,0
900.0
675,0
702,0
652.0

14.0
14,5
13,5
14.5
13.0

1,162.0
1,318.5
1,010.5
1,054,5
980,0

107,0
110,0
100.0
105.0
102,0

295,0
330.0
308.0
3050
295,0

20.0
22.7
21.1
220
21,0

422,0
462.7
429,1
432,0
418,0

97.0
96.0
94.0
95,0
92,0

165.0
162,0
153.0
152.0
151,0

262,0
258,0
247,0
247.0
243,0

1,846.0
2,039,2
1,686,6
1,733.5
1,641.0

1995
1996
1997
1998

213.0
192.0
194.0
197.0

89,0
90.0
92.0
89.0

595.0
535.0
520.0
535,0

11.5
11,0
11.0
11,0

908.5
828.0
817.0
832.0

100.0
85,0
79.0
80,0

275.0
270.0
320,0
370.0

20.0
16.5
18.0
20.0

395.0
371.5
417.0
4700

90.0
77.0
75.0
76.0

144.0
125,0
122,0
125.0

234.0
202.0
197,0
201,0

1,537.5
1,401.5
1,431,0
1,503,0

.----_ ....

_---------.-.----------------------------_.-._.----------------------_.----------------------_.-.-----------------------------------~------------------------------------_.-------

Table 7Peanuts: Harvested acreage, by State and region, 19701998


___________ _________________ __ _____________ _______ ______________ ___________ _____________ ~ ________________________ _________________________ ~~ _ _ _ _ _ _ _ ____ w ______________________

Crop
year

Southeast-.......
GA
AL
FL
SC Total

Virginia
--Southwest Carolina-
OK
TX
NM
Total
VA
NC
Total

United
States

----------------------_._----------_.----------_.------------------------~-------------------------~~--------_._~---------------------------~------------~-------------~~------------~~----

........................................1, 000 acres--..-...........................-..-............


1970
1971
1972
1973
1974

190,0
194.0
197.0
200.0
201.0

53.0
54.0
54.0
55.0
55,0

507.0
510.0
512.0
512,0
516.0

16.0
15.0
15.5
15.5
15.5

7660
773,0
778,5
782.5
787,5

116.0
119.0
115.0
1180
114,0

306.0
297,0
307,0
309.0
288,0

8.2
8,0
7,9
7,7
7.6

430,2
424.0
429.9
434,7
409.6

102,0
93,0
102.0
103,0
104.0

167.0
155.0
166,0
166,0
166,0

269.0
248,0
268,0
269.0
270.0

1,469.2
1,454.5
1,486.4
1,495.7
1,472.1

1975
1976
1977
1978
1979

202.0
210.0
211.0
209.0
210.0

55,0
55.0
55.0
55.0
55.0

524.0
526,0
526.0
526,0
527.0

15.5
15,5
15.0
15.2
15.0

796.5
806.5
807.0
805.2
807.0

115,0
120.0
120,0
115,0
120.0

304,0
304.0
300.0
301.0
309.0

8.8
9,5
9.4
9.4
9.2

427,8
433,5
4294
425.4
438,2

102.0
103.0
103.0
103.0
101,0

165,0
166,0
166.0
168,0
166,0

267,0
269,0
269,0
271.0
267.0

1,500,0
1,517,5
1,512,4
1,509,1
1,519.7

1980
1981
1982
1983
1984

200.0
222.0
177.0
180.0
219.0

55.0
60.0
51.0
60,0
770

514.0
565.0
472.0
562.0
640,0

13.0
15.0
12,0
12.5
14.5

782,0
862,0
712,0
814.5
950.5

105.0
91.0
86.0
91,0
88.0

2300
242,0
225.0
2150
223.0

8,8
10,0
10.4
11,0
14.5

343,8
343,0
321.4
317.0
325,5

101,0
105,0
95.0
95.0
97,0

166,0
172.0
149.0
147,0
155,0

267.0
277.0
244.0
242.0
252,0

1,399.8
1,488.7
1,277.4
1,373.5
1,528.0

1985
1986
1987
1988
1989

200.0
219.0
220.0
236.0
239.0

72.0
87.0
83,0
90.0
87.0

593.0
665,0
630.0
685,0
685,0

12,0
11,5
13,0
13,0
12.5

877.0
982,5
946.0
1,024.0
1,023,5

83,0
88,0
99,0
97.0
98,0

245,0
220,0
252.0
250.0
262,0

12.4
12.7
12.4
13.4
18.2

340.4
320,7
3634
360,4
378,2

96.0
89.0
90.0
91,0
91,0

154.0
143.0
148,0
153.0
152.0

250,0
232,0
238,0
244.0
243.0

1,467.4
1,535.2
1,547,4
1,628.4
1,644.7

1990
1991
1992
1993
1994

256.0
2770
236.0
239.0
222.0

100.0
118.0
80.0
84,0
84,0

770.0
895.0
673.0
697.0
649.0

13.5
14.0
13.0
14,0
12,5

1,139.5
1,304,0
1,002.0
1,034,0
967,5

106.0
106.0
98,0
102,0
100.0

2890
325.0
305,0
295,0
287,0

20,0
22,7
21,2
21.8
21.0

415,0
453,7
424.2
418,8
408,0

97,0
96.0
93.0
94.0
92.0

164.0
162,0
153.0
143,0
151.0

261.0
258.0
246.0
237,0
243.0

1,815.5
2,015.7
1,672.1
1,689,8
1,618,5

1995
1996
1997
1998

212.0
191.0
193.0
196,0

81.0
82,0
84.0
81.0

592,0
533.0
519,0
533,0

11.0
10.5
10,5
10.5

896.0
816.5
806.5
820,5

98,0
81,0
77.0
75,0

270.0
265.0
3150
360,0

20.0
16,5
17,3
20,0

388,0
362,5
409,3
455.0

89.0
76,0
74,0
75,0

144.0
125,0
121.0
125,0

233,0
201.0
195.0
200.0

1,517.0
1,380.0
1,410.8
1,475,5

----------------------_ ..

_---------------------------------------------------------------~-~------------~-------------------------------------------------------------------------------~-

Economic Research Service/USDA

Oil Crops Situation and Outlook/OCS-1998/0ctober 1998

31

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en

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386,560
638,485
591,180
473,220
446,220

1990
1991
1992
1993
1994

193,590
236,160
228,060
178,200

234,000
279,660
202,510
194,880
207,480

216,000
233,160
215,800
228,600
214,890

143,000
178,200
153,000
166,800
246,400

177,650
165,000
170,500
182,050
179,850

109,975
139,860
137,700
150,425
170,500

1,414,880
1,433,770
1,333,830
1,332,500

1,347,500
2,228,550
1,820,465
1,383,545
1,862,630

1,921,320
1,632,575
1,575,000
1,801,550
1,849,500

994,590
1,655,450
1,517,480
1,567,980
2,160,000

1,726,580
1,554,330
1,499,100
1,725,280
1,704,845

1,125,540
1,269,900
1,341,440
1,344,000
1,661,520

30,800
32,550
30,450
19,950

30,105
33,600
32,500
24,500
36,250

34,200
25,530
31,200
32,110
32,500

14,300
39,000
30,000
25,000
39,150

29,450
24,645
31,200
35,720
32,250

29,600
30,000
31,775
30,070
31,000

235,320
243,800
236,180
233,580
261,000

1,998,165
3,180,295
2,646,655
2,076,145
2,552,580

201,880
195,210
184,800
165,000

170,980
180,840
222,750
225,040
210,700

2,761,520
2,386,205
2,287,300
2,623,940
2,634,640

2,122,630
2,152,285
1,964,830
1,922,650

140,175
189,280
174,580
176,540
189,200

232,300
246,000
267,600
207,000
264,000

191,980
218,960
242,650
253,700
217,740

1,416,890
2,475,380
2,222,630
2,214,280
3,094,100

2,458,880
2,245,875
2,278,940
2,494,810
2,501,795

1,580,515
1,841,340
1,879,305
1,924,495
2,337,380

540,000
689,000
822,150
900,000

43,000
37,950
46,710
50,000

50,000
51,075
58,236
56,680
51,660

534,650
682,500
680,150
550,175
605,570

784,880
922,160
1,053,660
1,115,000

819,970
977,375
974,566
840,435
918,230

625,597
594,540
693,510
673,092
739,080

31,992
28,700
29,760
30,552
43,680
422,625
385,000
441,000
417,500
484,700

716,052
731,260
687,480
667,514
822,325

640,196
602,315
743,566
743,867
644,054

455,777
607,430
524,925
564,445
592,685

20,152
21,660
25,380
24,064
25,300

18,286
16,560
20,461
18,942
13,034

22,352
24,900
25,220
25,630
32,190

293,250
393,250
325,125
362,275
371,295

463,600
463,600
394,500
436,450
533,025

429,930
366,795
480,455
471,225
413,280

206,925
219,260
189,440
198,750

309,915
307,200
256,215
176,250
291,180

283,680
275,900
243,000
263,900
246,155

136,350
330,750
275,500
198,550
269,660

284,580
309,000
293,035
311,575
253,510

312,120
219,480
265,710
322,390
295,880

347,040
367,500
329,120
375,000

475,600
461,700
406,980
299,585
485,465

451,990
440,440
392,200
419,985
370,120

291,330
555,560
417,200
318,255
449,500

373,725
440,730
444,050
465,360
378,480

445,890
325,500
370,180
466,460
384,290

Virginia
Carolina
NC

553,965
586,760
518,560
573,750

785,515
768,900
663,195
475,835
776,645

735,670
716,340
635,200
683,885
616,275

427,680
886,310
692,700
516,805
719,160

658,305
749,730
737,085
776,935
631,990

758,010
544,980
635,890
788,850
680,170

Total

3,461,475
3,661,205
3,537,050
3,611,400

3,603,650
4,926,570
4,284,416
3,392,415
4,247,455

4,122,787
3,697,085
3,616,010
3,980,917
3,989,995

2,302,762
3,981,850
3,440,255
3,295,530
4,405,945

3,846,722
3,739,190
3,715,055
3,952,384
3,968,485

2,983,121
3,005,118
3,274,761
3,473,837
3,667,604

United
States

-----------------------------------------------------------------------------... -----------------------------------------------------------------------------------------------------------------

483,360
449,805
372,490
392,000

590,000
494,940
465,300
561,680
537,750

1985
1986
1987
1988
1989

1995
1996
1997
1998

265,000
602,730
522,150
454,500
6,48,550

525,200
501,900
578,140
551,760
584,850

315,400
401,580
368,390
400,000
474,360

1980
1981
1982
1983
1984

1975
1976
1977
1978
1979

1970
1971
1972
1973
1974

Table 8-Peanuts: U.S. production, by State and region, 1970-1998

------------------------Southwest--------Crop
Southeast-------------------NM
Total
VA
year
FL
Total
OK
TX
AL
GA
SC
------- - - - - - - - - - - - - - - - - 1 , 0 0 0 pounds (in-shell)
----------

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-----------Southeast------------- -----------SouthwestSC
AL
FL
GA
Total
OK
TX
NM
Total

Virginia
-------Carolina---------NC
Total
VA
United
States

-------------------------------------------

1,325
2,715
2,950
2,525
2,961

1980
1981
1982
1983
1984

2,280
2,355
1,930
2,000

1995
1996
1997
1998
2,390
2,880
2,715
2,200

2,340
2,370
2,531
2,320
2,470

3,000
2,680
2,600
2,540
2,470

2,600
2,970
3,000
2,780
3,200

3,230
3,000
3,100
3,310
3,270

2,075
2,590
2,550
2,735
3,100

2,390
2,690
2,570
2,500

1,750
2,490
2,705
1,985
2,870

3,240
2,455
2,500
2,630
2,700

1,935
2,930
3,215
2,790
3,375

3,295
2,955
2,850
3,280
3,235

2,220
2,490
2,620
2,625
3,220

2,800
3,100
2,900
1,900

2,230
2,400
2,500
1,750
2,900
2,369
2,636
2,436
2,343

1,754
2,439
2,641
2,008
2,638

3,149
2,429
2,418
2,562
2,574

1,812
2,872
3,122
2,719
3,255

1,100
2,600
2,500
2,000
2,700
2,850
2,220
2,400
2,470
2,600

3,087
2,785
2,824
3,098
3,100

2,063
2,382
2,414
2,459
2,968

1,900
1,590
2,080
2,350
2,150

1,850
2,000
2,050
1,940
2,000

2,060
2,410
2,400
2,200

2,220
2,300
2,410
2,290
2,610

2,060
2,055
2,250
2,320
2,150

1,335
2,080
2,030
1,940
2,150

2,020
2,050
2,330
1,800
2,200

1,655
1,840
2,110
2,150
1,910

2,000
2,600
2,610
2,500

1,850
2,100
2,230
1,865
2,110

1,725
1,750
1,750
1,670
1,850

1,275
1,625
1,445
1,685
1,665

1,525
1,525
1,315
1,450
1,725

1,405
1,235
1,565
1,525
1,435

2,150
2,300
2,700
2,500

2,500
2,250
2,747
2,600
2,460

2,580
2,260
2,400
2,280
2,400

2,540
2,490
2,425
2,330
2,220

2,290
2,280
2,700
2,560
2,750

2,230
2,070
2,590
2,460
1,715

2,023
2,544
2,574
2,451

1,976
2,154
2,297
2,007
2,251

1,838
1,854
1,908
1,868
1,954

1,326
1,771
1,633
1,781
1,821

1,674
1,687
1,601
1,569
1,877

1,488
1,421
1,730
1,711
1,572

2,325
2,885
2,560
2,650

3,195
3,200
2,755
1,875
3,165

2,955
3,100
2,700
2,900
2,705

1,350
3,150
2,900
2,090
2,780

2,790
3,000
2,845
3,025
2,510

3,060
2,360
2,605
3,130
2,845

2,410
2,940
2,720
3,000

2,900
2,850
2,660
2,095
3,215

2,935
3,080
2,650
2,745
2,435

1,755
3,230
2,800
2,165
2,900

2,265
2,655
2,675
2,770
2,280

2,670
2,100
2,230
2,810
2,315

2,378
2,919
2,659
2,869

3,010
2,980
2,696
2,008
3,196

2,943
3,088
2,669
2,803
2,536

1,602
3,200
2,839
2,136
2,854

2,466
2,787
2,740
2,867
2,367

2,818
2,198
2,373
2,933
2,519

2,282
2,653
2,507
2,448

1,985
2,444
2,562
2,008
2,624

2,810
2,408
2,337
2,445
2,426

1,645
2,675
2,693
2,399
2,883

2,564
2,464
2,456
2,619
2,611

2,030
2,066
2,203
2,323
2,491

------------------------_ ..._----------------------------------------------.._-------------------------------------------------------------------------------------------------------------------_ ........------

1,510
2,305
2,505
1,980
2,010

1990
1991
1992
1993
1994

2,950
2,260
2,115
2,380
2,250

2,600
2,390
2,740
2,640
2,785

1975
1976
1977
1978
1979

1985
1986
1987
1988
1989

1,660
2,070
1,870
2,000
2,360

1970
1971
1972
1973
1974

----------------------------------------------------------------------------------------------------------------------------------------------Pounds------------------------------------------

Crop
year

Table 9-Peanuts: Yield per harvested acre, by State and region, 1970-1998

-----------------------------

Table 10-Corn oil: Supply, disappearance, and price, U.S., 1976/77-1998/99

-----------_..._-------------------------.---------------------_.._-------------------------------.------------------------------------------------Supply
Year
beginning
October 1

Disappearance

---------------------.----------------------------

Beginning
stocks

Production

Total
1/

Price

------------------------------------.----------------Domestic

Exports

Total

Ending
stocks

---------------

Average
Chicago

--------------------.-----.------------------------.--.----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------M illion pounds--------------------------------------------

Centsllb.

585
43
29.65
42
668
710
82
667
1976
580
668
73
35.43
43
695
738
88
1977
619
740
70
32.76
73
737
810
121
1978
66
27.38
70
861
654
141
795
1979
791
854
76
25.22
673
1980
66
864
930
181
76
949
692
202
894
55
23.42
873
1981
1,036
723
946
90
23.82
1982
55
223
981
70
90
1,054
1,144
762
311
1,073
28.62
1983
70
1,194
1,265
930
260
1,190
74
29.14
1984
120
74
1,253
1,326
862
344
1,206
18.46
1985
109
21.43
120
1,400
1,520
1,143
268
1,411
1986
109
1,435
1,547
1,066
370
1,436
111
23.27
1987
1,415
1,064
1,428
99
21.01
1,527
364
1988
111
99
1,470
1,569
1,111
1,525
44
24.82
1989
414
138
44
1,656
1,785
1,149
498
1,647
27.50
1990
138
1,821
1,965
1,202
566
1,768
196
25.82
1991
1,878
2,081
1,220
1,932
150
20.90
1992
196
712
150
1,906
2,062
1,228
717
1,944
118
27.17
1993
118
2,227
2,356
1,250
2,115
241
27.17
1994
865
2,096
1,298
116
26.47
2,391
977
2,275
1995
241
1,244
129
25.24
116
2,231
2,361
988
2,232
1996
2,335
2,480
1,260
2,360
120
24.05
1997
129
1,100
120
2,400
2,535
1,285
1,125
2,410
125
3/
1998 2/
------------.----------------------------------------.------------------------------_._ .......-.---------------------------------------_._-----------_.----------------------1/lncludes imports. 2/ Forecast. 3/ Corn oil price is not forecast.

Table 11--Corn oil: Supply and disappearance, by month, U.S., 1995/96-1997/98


-------------_._.... ....------------------------------_ .._. __.. .--.----------------------------------_._-----.-------_._-------------------------------------------_._-_.Supply
Disappearance
---.-_.------------------_._....__..._.........------------------------------- ------_._--_.._-----_._-----------------------------------------------Year
Beginning
beginning
ProImports
Total
Domestic
Exports
Total
Ending
duction
October 1
stocks
stocks
use

__

_..._._........._.--._------------------_._............_....._-.----------------.-------------------_._--_..-----_.....-._--.--------------------------------------------_.
1,000 pounds
1995/96
October
November
December
January
February
March
April
May
June
July
August
September
Total

240,652
225,323
201,309
196,405
166,621
146,403
158,819
193,585
171,909
181,041
206,684
149,873

179,400
173,766
184,493
186,100
165,200
197,900
197,300
180,000
182,400
152,400
165,700
174,300
2,138,959

282
390
1,163
544
820
1,108
856
810
1,116
527
1,214
2,161
10,993

420,334
399,479
386,965
383,049
332,641
345,411
356,975
374,395
355,425
333,968
373,598
326,334
2,390,604

97,199
104,025
130,403
117,925
99,499
124,011
88,938
151,896
99,188
83,961
114,825
86,430
1,298,301

97,812
94,146
60,157
98,503
86,739
62,581
74,451
50,590
75,196
43,323
108,900
124,116
976,515

195,011
198,170
190,560
216,428
186,238
186,592
163,390
202,486
174,384
127,284
223,725
210,546
2,274,816

225,323
201,309
196,405
166,621
146,403
158,819
193,585
171,909
181,041
206,684
149,873
115,788

1996/97
October
November
December
January
February
March
April
May
June
July
August
September
Total

115,788
124,509
131,248
154,337
161,021
142,745
124,064
122,036
127,332
148,841
170,461
124,613

190,100
187,900
208,156
172,486
170,854
209,940
188,256
182,495
184,327
174,006
180,614
182,235
2,231,369

2,009
1,678
1,288
1,182
821
671
1,570
536
1,144
1,564
661
399
13,522

307,897
314,087
340,692
328,005
332,696
353,356
313,890
305,067
312,803
324,411
351,736
307,247
2,360,679

134,832
101,275
134,152
91,753
105,647
113,324
108,335
72,442
103,141
85,755
136,253
57,294
1,244,202

48,556
81,564
52,203
75,231
84,304
115,969
83,519
105,293
60,821
68,195
90,870
121,184
987,708

183,388
182,839
186,355
166,984
189,951
229,292
191,854
177,735
163,962
153,950
227,123
178,478
2,231,910

124,509
131,248
154,337
161,021
142,745
124,064
122,036
127,332
148,841
170,461
124,613
128,769

1997/98
October
November
December
January
February
March
April
May
June
July
August
September
Total

128,769
132,490
126,801
119,539
91,622
87,382
95,831
86,923
89,415
96,187
114,027
119,128

199,223
207,530
202,018
171,381
162,659
200,952
203,918
201,155
201,411
192,833
202,842
188,863
2,334,785

563
832
596
650
904
5,383
1,219
761
9,639
1,560
1,147
NA
23,253

328,555
340,852
329,415
291,570
255,185
293,717
300,968
288,839
300,465
290,580
318,016
307,991
2,486,807

89,910
109,587
147,041
97,810
99,339
112,592
96,721
124,527
97,646
77,166
117,797
NA
1,170,136

106,155
104,464
62,835
102,138
68,464
85,293
117,325
74,897
106,631
99,387
81,091
NA
1,008,680

196,065
214,051
209,876
199,948
167,803
197,886
214,045
199,424
204,278
176,553
198,888
307,991
2,486,807

132,490
126,801
119,539
91,622
87,382
95,831
86,923
89,415
96,187
114,027
119,128
NA

1/

-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

NA = Not available. 1/ Preliminary. 2/ Totals refiect data only through August for imports and exports
Compiled from reports of the Bureau of Census.

34

Oil Crops Situation and Outlook/OCS-1998/0ctober 1998

Economic Research Service/USDA

Table 12--Flaxseed: Acreage planted, harvested, yield, production, and value,


U.S., 1966/67-1998/99

.----------_._._--------------------------------------.----------------_.._---------------------Year

Planted

Harvested

Yield
per acre Production

Value

--------_ .. _----------------_ .._---_._--------------------._.---------------------_._---------------1 ,000 acres--------1966


1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998 1/

2,679
2,061
2,177
2,661
2,950
1,627
1,189
1,749
1,742
1,621
1,045
1,330
710
922
759
605
780
605
555
620
720
470
275
195
260
356
171
206
178
165
96
146
335

Bushels

2,576
1,975
2,092
2,605
2,836
1,545
1,149
1,700
1,659
1,511
955
1,239
687
878
663
577
735
580
538
584
683
463
226
163
253
342
165
191
171
147
92
135
322

9.1
10.1
12.9
13.4
10.4
11.8
12.1
9.7
8.5
10.3
7.9
11.5
12.5
13.7
11.7
12.6
14.0
11.9
13.1
14.2
16.9
16.1
7.1
7.5
15.1
18.1
19.9
18.2
17.1
15.0
17.4
16.1
16.5

1,000
bushels
23,390
20,036
26,983
34,929
29,416
18,198
13,883
16,408
14,083
15,553
7,580
14,280
8,614
12,014
7,728
7,289
10,278
6,903
7,022
8,293
11,538
7,444
1,615
1,215
3,812
6,200
3,288
3,480
2,922
2,211
1,602
2,171
5,315

$1,000
67,620
59,099
75,694
92,564
70,790
43,228
43,092
121,730
130,811
102,132
55,477
68,593
49,435
71,627
55,615
48,615
53,139
46,925
42,739
41,912
39,962
25,188
12,200
8,724
21,108
21,845
13,543
14,848
13,590
11,475
10,197
12,473
27,904

------------------------------------------------------------------------------------

1/ Forecast.
Table 13--Flaxseed: Supply, disappearance, and price, U.S., 1966/67-1998/99
----------------------_.---.-------------.-----------------------------------------_._--------------------------_ .. _--------------------------------------------------------------

Disappearance

Supply
Year
beginning
June 1

----------------------------------------------------------------

Beginning
stocks
Production

Imports

..

----------------------------------------------------~------_

Total

-----_..

Price

_._~~~----~---------------------------~~---~~-~-----

Crush

Exports

Seed

Residual

--------------- -----------------

Total

--------------------------~~-~--~-------------------------------~--~----------------------------------------~--_.~-

----------------------------------------------------------------------1 ,000 bushels----------------------------------------------------------1966


1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998

1/
2/

17,882
11,905
8,631
11,622
23,040
28,898
23,203
5,485
4,052
3,031
4,890
2,961
5,315
2,584
5,018
2,733
1,950
3,212
1,716
1,649
1,629
3,301
2,325
1,307
244
971
1,556
1,545
1,155
1,170
1,230
453
1,181

23,390
20,035
26,893
34,929
29,416
18,198
13,883
16,408
14,083
15,553
7,580
14,280
8,614
12,014
7,728
7,289
10,278
6,903
7,022
8,293
11,538
7,444
1,615
1,215
3,812
6,200
3,288
3,480
2,922
2,211
1,601
2,171
5,315

Average
received
by farmers

0
3
1
0
1
74
3
399
130
148
2,168
859
1,557
1,916
2,510
3,502
1,921
4,756
3,796
2,927
2,224
2,925
6,730
7,260
6,715
4,371
6,035
5,118
6,005
7,248
8,390
9,636
6,731

41,272
31,943
35,525
46,551
41,457
47,170
37,089
22,292
18,265
18,732
14,638
18,100
15,486
16,514
15,256
13,524
14,149
14,871
12,534
12,869
15,391
13,670
10,670
9,782
10,771
11,542
10,879
10,143
10,082
10,681
11,222
12,260
13,227

20,196
16,511
14,436
14,289
18,155
21,022
19,932
17,203
13,386
11,791
10,677
11,615
13,009
12,425
11,927
11,231
8,722
12,733
9,935
10,313
10,000
10,800
8,500
8,250
8,800
9,050
8,600
8,650
8,550
9,000
10,000
10,500
10,750

6,837
5,438
9,531
6,505
3,220
910
9,881
630
372
953
196
1,001
91
174
76
11
638
52
238
250
1,448
156
764
1,054
549
541
230
126
72
119
144
174
175

1,469
1,559
11,968
2,265
1,292
933
1,398
1,360
1,231
1,054
1,043
557
724
650
547
691
486
438
511
517
362
223
158
211
288
139
167
144
134
91
123
271
284

865
(195)
(1,942)
452
892
1,102
393
(953)
245
44
(239)
(388)
(922)
(1,753)
(27)
(359)
1,091
(68)
201
160
280
167
(59)
23
163
256
337
69
156
202
502
134
268

29,367
23,313
33,993
23,511
23,559
23,967
31,604
18,240
15,234
13,842
11,677
12,785
12,902
11,496
12,523
11,574
10,937
13,155
10,885
11,240
12,090
11,346
9,363
9,538
9,800
9,986
9,334
8,989
8,912
9,399
10,769
11,079
11,302

$/bu.
2.89
2.95
2.81
2.65
2.40
2.38
3.10
7.56
9.67
6.57
7.08
4.54
5.74
5.97
7.20
6.67
5.17
6.84
6.09
5.05
3.47
3.39
7.56
7.20
5.27
3.52
4.12
4.25
4.63
5.25
6.21
5.75
4.90-5.60

1/ Preliminary. 2/ Forecast.

Economic Research Service/USDA

Oil Crops Situation and Outlook/OCS-1998/0ctober 1998

35

Table 14--Linseed meal: Supply and disappearance, U.S., 1966/67-1998/99


----._-------------------------------------------------------------------------------------------------------------------.---------------_.---------------------

Disappearance

Supply

Price

----------_.--

-----------------------------------------_.--.------------------ ---------_.... ----------------------------------.

Year
beginning
June 1

Beginning
stocks

Production

Imports

Total

Exports

Domestic

Ending
stocks

Total

Minneapolis
34% protein

----------------------------------------------..--.-----.---------------------------._.--.-.----------------------------------------------------------------------

-------------------------------------------------------------------1 ,000 short tons------------------------1966


1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998

371
304
263
256
328
386
370
324
254
229
202
218
244
233
225
220
170
249
179
184
185
198
156
153
162
167
159
160
158
167
185
194
199

13
25
13
15
12
(10)
10
9
11
13
7
6
7
8
7
2
2
2
3
3
5
2
3
5
5
5
5
5
5
5
5
5
5

1/

0
0
1
2
2
3
3
0
0
0
0
4
3
2
2
2
2
2
1
3
2
2
11
9
3
0
2
2
5
4
1
1
1

384
329
277
273
342
379
383
333
255
242
209
228
254
243
234
224
174
253
183
190
192
202
170
167
170
172
166
167
168
176
191
200
205

121
101
69
92
83
121
175
117
140
141
89
111
135
161
129
152
79
125
60
75
63
59
63
23
41
40
55
49
58
56
77
73
68

238
215
193
169
269
248
199
205
102
94
114
110
111
75
103
70
93
125
120
110
127
140
102
139
124
127
106
113
105
115
109
122
132

359
316
262
261
352
369
374
322
242
235
203
221
246
236
232
222
172
250
180
185
190
199
165
162
165
167
161
162
163
171
186
195
200

$/ton
25
13
15
12
(10)
10
9
11
13
7
6
7
8
7
2
2
2
3
3
5
2
3
5
5
5
5
5
5
5
5
5
5
5

76.84
74.75
71.93
69.64
62.45
66.56
120.19
155.73
122.30
126.25
163.24
137.91
143.16
155.79
162.80
150.00
143.40
155.25
99.00
102.60
112.00
130.25
178.45
139.30
130.10
127.57
133.60
139.55
91.96
133.60
169.75
131.40
52.0-67.0

------._---.--.--.---------------.-.---------------------------------------------~--_._--------------------------------------------------------------------------------------------

1/ Forecast.

Table 15--Linseed oil: Supply, disappearance, and price, U.S., 1966/67-1998/99


------------------------------------------~---_._----------------------------------------------------~--~-------------------------------------------------------

Supply
Year
beginning
June 1

Disappearance

-----------------------------------_.------------------ --------.--------------------------------------------

Beginning
stocks

Production

Total

Exports Domestic

Total

Price
Ending ------------------stocks Minneapolis

---------------------------------._----------------------------------------------------_._.----------------------------------------------------------------------

----------------------------------------------------MiIlion pounds---------------------------------------1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998

1/

-----------------._..

260
212
205
152
130
187
275
127
71
49
49
88
70
44
54
56
50
35
48
33
39
51
41
48
37
40
40
54
63
45
50
35
42

415
343
301
290
363
428
393
344
263
231
217
232
259
256
251
237
182
265
194
205
201
217
170
165
176
182
172
174
171
180
200
210
215

675
555
506
442
493
615
668
471
334
280
266
320
329
300
305
293
232
300
242
238
240
268
211
213
213
222
212
228
237
228
256
250
262

136
30
108
40
47
66
256
142
143
42
14
25
54
38
51
54
21
51
15
15
6
8
12
12
6
12
8
3
24
23
66
58
62

327
320
246
272
259
274
285
258
142
189
164
225
231
208
198
189
176
201
194
184
183
219
151
164
167
170
150
162
168
155
155
155
155

463
350
354
312
306
340
541
400
285
231
178
250
285
246
249
243
197
252
209
199
189
227
163
176
173
182
158
165
192
178
221
208
217

Cents/lb.
212
205
152
130
187
275
127
71
49
49
88
70
44
54
56
50
35
48
33
39
51
41
48
37
40
40
54
63
45
50
35
42
45

12.80
12.06
12.18
11.85
9.86
8.80
9.69
27.67
45.60
32.20
28.18
25.06
24.21
30.10
30.02
30.50
25.20
30.10
32.00
30.80
26.30
24.70
39.40
40.20
38.00
32.00
31.50
31.80
33.70
36.50
36.00
37.80
36.5-38.5

---------------------------------------------------------~----------------------------------------------------------------------------

1/ Forecast.

36

Oil Crops Situation and Outlook/OCS-1998/0ctober 1998

Economic Research Service/USDA

Table 16--Soybeans: Supply, disappearance, and price, U.S., 1966/67-1998/99

..._---------------------------------_._-----------_.----------------------------------------------------------------------------------------------------------------------.-----------.-----

~.------_

Year
beginning
September 1

Supply
----------------------------------------------------------Beginning
Production
Total
stocks
1/

Disappearance

Price

-------------------------------_.-------------------------_.--------------

Ending
stocks

Average
Seed, feed
Total
and
received
residual
by farmers
..-.-----_.....--.----------_.------_._----------_._--.---------------------------------------------------------------------------------.-----------------------------------------------------------------------------------------------------------------------------------------Million bushels--------------------------------------------------------------------$/bu.
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997 2/
1998 3/

36
90
166
327
230
99
72
60
171
188
245
103
161
176
358
313
254
345
176
316
536
436
302
182
239
329
278
292
209
335
183
131
200

928
976
1,107
1,133
1,127
1,176
1,271
1,548
1,216
1,549
1,289
1,767
1,869
2,261
1,798
1,989
2,190
1,636
1,861
2,099
1,943
1,938
1,549
1,924
1,926
1,987
2,190
1,871
2,517
2,177
2,382
2,703
2,769

964
1,066
1,273
1,460
1,357
1,275
1,343
1,608
1,387
1,736
1,534
1,870
2,030
2,437
2,156
2,302
2,444
1,981
2,037
2,415
2,479
2,375
1,855
2,109
2,169
2,319
2,471
2,170
2,731
2,516
2,575
2,839
2,975

Crush

Exports

559
576
606
737
760
721
722
821
701
865
790
927
1,018
1,123
1,020
1,030
1,108
983
1,030
1,053
1,179
1,174
1,058
1,146
1,187
1,254
1,279
1,276
1,405
1,370
1,436
1,597
1,600

262
267
287
433
434
417
479
539
421
555
564
700
739
875
724
929
905
743
598
740
757
804
527
622
557
684
770
589
838
851
882
870
830

53
57
53
58
64
65
82
77
77
71
77
82
97
81
99
89
86
79
93
86
107
95
88
102
96
103
130
96
153
112
126
172
150

874
900
946
1,230
1,258
1,203
1,283
1,437
1,199
1,491
1,431
1,709
1,854
2,079
1,843
2,048
2,099
1,805
1,721
1,879
2,043
2,073
1,673
1,870
1,840
2,041
2,179
1,961
2,396
2,333
2,444
2,639
2,580

90
166
327
230
99
72
60
171
188
245
103
161
176
358
313
254
345
176
316
536
436
302
182
239
329
278
292
209
335
183
131
200
395

2.75
2.49
2.43
2.35
2.85
3.03
4.37
5.68
6.64
4.92
6.81
5.88
6.66
6.28
7.57
6.07
5.71
7.83
5.84
5.05
4.78
5.88
7.42
5.69
5.74
5.58
5.56
6.40
5.48
6.72
7.35
6.45
5.00-5.70

_____ ._~___________ _ _ _ _ _ _ _ _ _ _ _ _ . 4 w_ _ _ _ _ _ _ _ _ ___ ____ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

1/ Total supply includes imports. 2/ Preliminary. 3/ Forecast.

Table 17--Soybean meal: Supply, disappearance, and price, U.S, 1966/67-1998/99


-----------------------_.-------------_.--------------.-----------_.-.--------------.-----------_._----------------------------------------------------------------------------------Supply
Disappearance
Price
------------------------------------------------------------------ --------.-.--------------.----------------.---------------Year
Ending ----------------beginning
Beginning
Production
Total
Domestic
Exports
Total
stocks 48-percent
October 1
stocks
1/
2/
1/
protein,
1/
Decatur
(solvent)
---------------_._._.-------_._-----------------.-----------~-----------.~~._-----------_._-----------_.~.-------------_.-~---------------.~~------------------------------.---------

-------------------------------------------------------------------------1,000 short tons------------------------------------------------1966


1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997 3/
1998 4/

132
138
145
157
137
146
192
183
507
358
355
228
243
267
226
163
175
474
255
387
212
240
153
173
318
285
230
204
150
223
212
210
218

13,483
13,660
14,581
17,597
18,035
17,024
16,709
19,674
16,702
20,754
18,488
22,371
24,354
27,105
24,312
24,634
26,714
22,756
24,529
24,951
27,759
28,060
24,943
27,719
28,325
29,831
30,364
30,514
33,269
32,527
34,211
38,171
38,132

13,615
13,798
14,726
17,754
18,172
17,170
16,901
19,857
17,209
21,112
18,843
22,599
24,597
27,372
24,538
24,797
26,889
23,230
24,785
25,338
27,971
28,300
25,113
27,928
28,688
30,183
30,687
30,788
33,483
32,826
34,525
38,436
38,400

10,820
10,753
11,525
13,581
13,467
13,173
12,160
13,792
12,552
15,612
14,056
16,276
17,720
19,214
17,591
17,714
19,306
17,615
19,481
19,090
20,388
21,323
19,496
22,291
22,934
23,008
24,251
25,282
26,543
26,611
27,321
28,868
29,750

2,657
2,900
3,044
4,036
4,559
3,805
4,558
5,558
4,299
5,145
4,559
6,080
6,610
7,932
6,784
6,908
7,109
5,360
4,917
6,036
7,343
6,824
5,444
5,319
5,469
6,945
6,232
5,356
6,717
6,002
6,994
9,350
8,400

13,477
13,653
14,569
17,617
18,026
16,978
16,718
19,350
16,851
20,757
18,615
22,356
24,330
27,146
24,375
24,622
26,415
22,975
24,398
25,126
27,731
28,147
. 24,940
27,610
28,403
29,953
30,483
30,638
33,260
32,613
34,316
38,218
38,150

138
145
157
137
146
192
183
507
358
355
228
243
267
226
163
175
474
255
387
212
240
153
173
318
285
230
204
150
223
212
210
218
250

$/ton
86.36
84.29
82.46
86.61
84.33
98.20
253.42
160.57
141.26
157.68
218.73
179.45
206.18
197.05
235.13
196.62
200.94
203.21
136.40
166.20
177.31
239.35
252.40
186.48
181.40
189.20
193.75
192.86
162.55
236.00
270.90
185.54
130-150

1/lncludes millfeed (hull meal). 2/lncludes imports. 3/ Preliminary. 4/ Forecast.

Economic Research Service/USDA

Oil Crops Situation and Outlook/OCS-1998/0ctober 1998

37

Table 18-Soybean oil: Supply, disappearance, and price, U.S., 1965/66-1998/99


--..-----_.........

_...._-_ _-_
.....

...... _------------------------------------------------_..

Supply

Year
beginning
October 1

---_......_.._--------------------Beginning
stocks

Production

Total
1/

-------------------------------..--.......- .....---------------------

Domestic

Exports

_-_.._-_......
Price

Disappearance

Total

--------

Ending
stocks

Crude,
Decatur

----------------------------------------------------------------------------------------------------------------------------------

----------------------------------------------------M illion pounds---------------------------------------------

1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997 2/
1998 3/

297
462
596
540
415
543
773
785
516
794
561
1,251
771
729
776
1,210
1,736
1,103
1,261
721
632
947
1,725
2,092
1,715
1,305
1,786
2,239
1,555
1,103
1,137
2,015
1,520
1,387

5,800
6,076
6,032
6,531
7,904
8,265
7,892
7,501
8,995
7,375
9,630
8,578
10,288
11,323
12,105
11,270
10,979
12,040
10,872
11,468
11,617
12,783
12,974
11,737
13,004
13,408
14,345
13,778
13,951
15,613
15,240
15,752
18,143
18,195

6,097
6,538
6,628
7,071
8,319
8,808
8,665
8,286
9,511
8,169
10,191
9,829
11,059
12,052
12,881
12,480
12,715
13,143
12,133
12,209
12,257
13,745
14,895
13,967
14,741
14,730
16,132
16,028
15,574
16,733
16,472
17,821
19,720
19,640

4,712
4,865
5,125
5,786
6,357
6,292
6,482
6,704
7,281
6,580
7,964
7,511
8,273
8,942
8,981
9,113
9,535
9,857
9,588
9,917
10,053
10,833
10,930
10,591
12,083
12,164
12,245
13,054
12,942
12,916
13,465
14,263
15,080
15,400

923
1,077
963
870
1,419
1,743
1,398
1,066
1,436
1,028
976
1,547
2,057
2,334
2,690
1,631
2,077
2,025
1,824
1,660
1,257
1,187
1,873
1,661
1,353
780
1,648
1,419
1,529
2,680
992
2,037
3,250
2,650

5,635
5,942
6,088
6,656
7,776
8,035
7,880
7,770
8,717
7,608
8,940
9,058
10,330
11,276
11,671
10,744
11,612
11,882
11,412
11,577
11,310
12,020
12,803
12,252
13,436
12,944
13,893
14,473
14,471
15,596
14,457
16,300
18,330
18,050

462
596
540
415
543
773
785
516
794
561
1,251
771
729
776
1,210
1,736
1,103
1,261
721
632
947
1,725
2,092
1,715
1,305
1,786
2,239
1,555
1,103
1,137
2,015
1,520
1,387
1,590

Cents/lb.
11.83
10.13
8.42
8.42
11.18
12.84
11.27
16.46
31.53
30.69
18.30
23.87
24.51
27.15
24.32
22.73
18.95
20.62
30.55
29.51
18.00
15.40
22.67
21.10
22.30
21.00
19.10
21.40
27.10
27.60
24.75
22.50
25.84
25.50-28.50

----_..__...._------------------_........- ..........._--------------------..--....... _----------------------------..-------------------------------------------------------------------------1/lncludes imports. 2/ Preliminary. 3/ Forecast.

38

Oil Crops Situation and Outlook/OCS-1998/0ctober 1998

Economic Research Service/USDA

Table 19--Soybeans: Supply and disappearance, by month, U.S., 1993/94-1997/98


---------------.-----_._---------------------------------------------------------------------------------------------_.-Disappearance
Supply
Ending
-------------------------------------- ------------------------------------------Year
stocks
Crush
Exports
Beginning Imports
beginning
at mill
1/
stocks
September 1
at mill
----.------------------------------------------------------------------------------------------------------------------1,000 bushels
1993/94
September
October
November
December
January
February
March
April
May
June
July
August
Total

41,971
28,002
108,613
114,889
120,888
126,082
118,519
119,717
98,656
97,801
90,034
63,483

33
731
1,072
575
330
345
495
772
696
609
544
215
6,416

98,441
113,739
114,373
114,145
110,723
103,277
113,307
105,557
102,977
97,200
100,957
100,953
1,275,649

30,066
73,614
72,352
73,879
70,996
67,798
53,603
34,764
27,515
26,739
17,073
40,665
589,064

28,002
108,613
114,889
120,888
126,082
118,519
119,717
98,656
97,801
90,034
63,483
47,944

1994/95
September
October
November
December
January
February
March
April
May
June
July
August
Total

47,944
46,752
114,095
124,254
108,437
114,715
114,320
112,603
94,084
81,156
69,132
55,095

62
1,009
1,034
477
248
469
709
443
331
110
311
277
5,478

105,927
119,303
122,483
128,487
127,326
116,510
128,055
119,434
114,172
105,583
108,379
109,497
1,405,156

42,273
99,888
78,473
104,238
89,337
91,396
83,091
80,724
45,236
35,540
41,247
46,682
838,125

46,752
114,095
124,254
108,437
114,715
114,320
112,603
94,084
81,156
69,132
55,095
52,799

1995/96
September
October
November
December
January
February
March
April
May
June
July
August
Total

52,799
54,166
125,563
129,107
119,970
123,348
121,878
110,633
104,192
92,488
70,444
57,473

41
319
461
633
277
782
554
408
106
130
185
39
3,936

107,424
120,613
123,410
125,100
122,793
111,196
115,492
112,139
106,331
107,459
111,860
105,723
1,369,541

70,728
77,414
85,505
89,634
106,154
82,889
93,505
52,875
42,073
51,786
46,049
52,569
851,183

54,166
125,563
129,107
119,970
123,348
121,878
110,633
104,192
92,488
70,444
57,473
40,454

1996/97
September
October
November
December
January
February
March
April
May
June
July
August
Total

40,454
23,360
101,103
117,363
106,040
112,616
122,224
104,911
89,248
78,164
63,950
43,635

25
319
212
68
229
150
58
125
311
4,019
3,320
68
8,904

100,907
127,007
133,105
138,113
137,285
125,132
130,092
114,848
110,712
108,890
106,097
103,773
1,435,961

41,581
95,732
152,430
121,732
106,046
105,388
66,880
58,218
40,837
32,260
23,218
37,522
881,845

23,360
101,103
117,363
106,040
112,616
122,224
104,911
89,248
78,164
63,950
43,635
28,260

1997/98
37,023
42,585
45
110,810
28,260
September
126,400
142,213
170,282
221
37,023
October
124,297
152,445
427
142,794
126,400
November
110,269
120,494
529
153,060
124,297
December
98,656
91,130
261
151,912
110,269
January
94,754
93,412
138,235
48
98,656
February
72,031
146,960
55,945
722
93,412
March
56,884
36,274
815
133,938
72,031
April
27,704
40,743
123,912
409
56,884
May
42,485
117,459
23,174
522
40,743
June
29,014
44,144
560
123,769
42,485
July
32,844
111,920
26,558
448
44,144
August
870,361
1,596,983
5,006
Total
----------------------------------_.-.-----------------------------------------------------------------------------.------1/ Crush for July-August and September 1991 are WAOB estimates.

Economic Research Service/USDA

Oil Crops Situation and OutlookJOCS-1998/0ctober 1998

39

Table 20--Soybean meal: Supply and disappearance, by month, U.S., 1994/95-1997/98


----------------------------------------------------------------------------------------------------------

Disappearance 1/

Supply 1/
Year
beginning
October 1

---------------------------------------------------------------

Beginning
stocks

Production

Imports

--------------------------------------------------

Total

Domestic
use

Exports

Total

Ending
stocks

--------------------------------------------------------------------------------------------------------------------------------------

1,000 short tons


1994/95
October
November
December
January
February
March
April
May
June
July
August
September
Total

149.6
240.9
231.6
241.1
197.7
227.1
173.1
382.7
337.6
222.6
252.0
203.8

2,812.5
2,903.5
3,027.8
3,007.5
2,759.0
3,048.5
2,829.8
2,697.9
2,492.1
2,565.4
2,589.8
2,535.8
33,269.4

4.9
5.7
5.4
5.7
4.8
5.2
5.5
6.6
5.3
4.1
4.9
5.7
63.9

2,967.0
3,150.1
3,264.8
3,254.3
2,961.5
3,280.9
3,008.4
3,087.2
2,835.0
2,792.1
2,846.7
2,745.3
33,482.9

2,253.2
2,330.3
2,431.2
2,291.6
2,117.5
2,415.2
1,876.2
2,288.4
2,259.8
2,022.5
2,195.3
2,060.9
26,542.1

472.9
588.2
592.5
765.0
616.9
692.5
749.5
461.1
352.7
517.5
447.6
461.0
6,717.4

2,726.1
2,918.5
3,023.7
3,056.6
2,734.4
3,107.7
2,625.7
2,749.5
2,612.4
2,540.0
2,643.0
2,521.9
33,259.5

240.9
231.6
241.1
197.7
227.1
173.1
382.7
337.6
222.6
252.0
203.8
223.4

1995/96
October
November
December
January
February
March
April
May
June
July
August
September
Total

223.4
196.9
241.3
394.8
302.2
229.9
369.3
382.1
306.8
406.2
298.8
218.3

2,893.2
2,948.9
2,972.3
2,945.2
2,652.1
2,757.5
2,683.1
2,534.6
2,566.2
2,656.3
2,513.4
2,404.1
32,527.0

4.8
5.6
7.1
5.2
11.9
9.3
7.7
5.4
5.3
5.0
3.2
4.6
75.2

3,121.4
3,151.5
3,220.6
3,345.2
2,966.3
2,996.7
3,060.0
2,922.2
2,878.4
3,067.5
2,815.4
2,627.0
32,825.6

2,516.2
2,367.9
2,348.6
2,503.2
2,002.1
2,074.8
2,221.7
2,174.9
2,166.5
2,169.3
2,083.3
1,982.3
26,610.9

408.2
542.3
477.2
539.9
734.3
552.6
456.2
440.5
305.7
599.4
513.8
432.3
6,002.3

2,924.5
2,910.2
2,825.8
3,043.0
2,736.4
2,627.4
2,677.9
2,615.3
2,472.2
2,768.7
2,597.2
2,414.6
32,613.2

196.9
241.3
394.8
302.2
229.9
369.3
382.1
306.8
406.2
298.8
218.3
212.4

1996/97
October
November
December
January
February
March
April
May
June
July
August
September
Total

212.4
200.2
291.8
254.4
263.0
198.5
322.6
280.1
256.5
317.3
303.2
258.2

2,992.8
3,151.8
3,263.8
3,251.7
2,966.8
3,089.1
2,710.3
2,618.1
2,573.2
2,517.4
2,465.2
2,611.0
34,211.2

6.1
10.5
12.3
13.1
13.7
13.4
7.0
7.5
6.0
4.4
5.2
2.1
101.4

3,211.3
3,362.5
3,567.8
3,519.3
3,243.5
3,300.9
3,039.9
2,905.7
2,835.8
2,839.1
2,773.6
2,871.3
34,525.0

2,585.0
2,394.3
2,531.1
2,348.8
2,153.8
2,131.9
2,106.8
2,259.1
2,084.4
2,227.1
2,193.3
2,305.5
27,321.2

426.1
676.5
782.2
907.4
891.2
846.4
653.1
390.0
434.1
308.9
322.1
356.3
6,994.3

3,011.1
3,070.7
3,313.4
3,256.3
3,045.0
2,978.3
2,759.9
2,649.1
2,518.5
2,535.9
2,515.4
2,661.8
34,315.5

200.2
291.8
254.4
263.0
198.5
322.6
280.1
256.5
317.3
303.2
258.2
209.5

1997/98
October
November
December
January
February
March
April
May
June
July
August
September
Total 2/

209.5
232.1
412.2
262.0
269.3
280.7
238.0
210.4
290.2
193.1
205.3
187.2

3,344.0
3,390.6
3,624.2
3,596.0
3,278.9
3,478.1
3,172.1
2,956.2
2,794.7
2,941.0
2,665.0
2,930.0
38,170.8

6.3
3,559.8
2,843.0
484.7
3,327.7
232.1
6.3
3,629.0
2,268.7
948.1
3,216.8
412.2
5.2
4,041.6
2,611.8
1,167.8
3,779.6
262.0
6.0
3,864.0
2,529.1
1,065.6
3,594.7
269.3
5.4
3,553.6
2,090.3
1,182.6
3,272.9
280.7
4.6
3,763.4
2,281.3
1,244.2
3,525.5
238.0
4.7
2,304.3
3,414.8
900.1
3,204.4
210.4
4.3
3,170.9
2,234.7
646.0
2,880.7
290.2
3.5
3,088.3
2,391.2
504.0
2,895.2
193.1
4.0
3,138.2
2,401.8
531.0
2,932.9
205.3
2.6
2,873.0
2,331.4
354.4
2,685.8
187.2
NA
3,117.3
NA
NA
2,899.2
218.1
53.1
38,433.4
26,287.6
9,028.5
38,215.4
----------------------------------------------------------.._---------------------------------------------------------------------------------------------NA = Not available. 11 Includes millfeed (hull meal).
2/lmports, domestic disappearance, and export totals through August.
40

Oil Crops Situation and Outlook/OCS-1998/0ctober 1998

Economic Research Service/USDA

Table 21--Soybean oil: Supply and disappearance, by month, U.S., 1994/95-1997/98


------------------------------------.._---------_ .._..--- ....._----------------------------.... ----------------------- ... ----------------------------------------------

Disappearance

Supply
Year
beginning
October 1

-----------------------_ .....-----_ ..--------------------- ... ------------ ------------------------------------------------------.. Ending


Beginning
stocks

Production

Imports

Total

Domestic

Exports

Total

stocks

--------------------------------------------------------------------------------------------------------------------------------------------------------------

1,000 pounds
1994/95
October
November
December
January
February
March
April
May
June
July
August
September
Total

1,103,093
1,055,528
1,026,894
1,055,231
1,116,799
1,128,832
1,059,520
1,089,579
1,130,372
1,111,631
1,142,007
1,100,009

1,327,600
1,341,500
1,403,000
1,399,579
1,288,580
1,419,406
1,333,410
1,275,321
1,183,178
1,204,738
1,228,106
1,208,438
15,612,856

344
315
304
1,668
2,178
1,654
1,537
1,122
1,621
2,401
2,261
1,862
17,267

2,431,037
2,397,343
2,430,198
2,456,478
2,407,557
2,549,892
2,394,467
2,366,022
2,315,171
2,318,770
2,372,374
2,310,309
16,733,216

1,220,694
1,067,218
1,069,080
1,122,247
911,112
926,206
1,068,689
1,144,870
1,043,126
1,085,772
1,162,952
1,094,188
12,916,154

154,815
303,231
305,887
217,433
367,613
564,165
236,199
90,780
160,414
90,991
109,413
79,438
2,680,379

1,375,509
1,370,449
1,374,967
1,339,679
1,278,725
1,490,372
1,304,888
1,235,650
1,203,540
1,176,763
1,272,365
1,173,626
15,596,533

1,055,528
1,026,894
1,055,231
1,116,799
1,128,832
1,059,520
1,089,579
1,130,372
1,111,631
1,142,007
1,100,009
1,136,683

1995/96
October
November
December
January
February
March
April
May
June
July
August
September
Total

1,136,683
1,195,916
1,132,023
1,408,894
1,512,626
1,521,450
1,653,537
1,747,426
1,758,948
1,888,478
2,156,461
2,091,369

1,354,200
1,359,700
1,381,600
1,361,200
1,235,761
1,291,867
1,259,280
1,196,986
1,220,855
1,262,800
1,172,600
1,143,100
15,239,949

1,756
2,600
6,573
13,329
10,394
10,542
12,942
12,390
10,487
5,782
3,640
4,967
95,399

2,492,639
2,558,216
2,520,196
2,783,423
2,758,781
2,823,859
2,925,759
2,956,802
2,990,290
3,157,060
3,332,701
3,239,436
16,472,031

1,227,411
1,220,784
1,015,381
1,081,733
1,140,320
1,102,355
1,103,074
1,133,933
1,085,707
973,452
1,213,329
1,167,302
13,464,780

69,312
205,409
95,920
189,064
97,011
67,967
75,259
63,921
16,105
27,147
28,002
56,690
991,807

1,296,723
1,426,193
1,111,302
1,270,797
1,237,331
1,170,322
1,178,333
1,197,854
1,101,812
1,000,599
1,241,332
1,223,992
14,456,587

1,195,916
1,132,023
1,408,894
1,512,626
1,521,450
1,653,537
1,747,426
1,758,948
1,888,478
2,156,461
2,091,369
2,015,444
20,082,572

1996/97
October
November
December
January
February
March
April
May
June
July
August
September
Total

2,015,444
1,992,913
1,898,390
2,027,133
2,172,344
2,203,178
2,171,307
2,163,799
2,143,221
2,137,920
1,978,127
1,699,860

1,400,565
1,429,747
1,472,700
1,474,499
1,348,445
1,412,609
1,253,703
1,216,085
1,195,727
1,175,920
1,141,300
1,230,800
15,752,100

6,868
1,157
2,383
6,935
2,397
2,241
4,116
7,345
5,816
6,242
3,281
4,335
53,116

3,422,877
3,423,817
3,373,473
3,508,567
3,523,186
3,618,028
3,429,126
3,387,229
3,344,764
3,320,082
3,122,708
2,934,995
17,820,660

1,308,935
1,221,663
1,132,999
1,145,493
1,080,848
1,145,617
1,180,468
1,215,135
1,161,985
1,197,867
1,209,922
1,262,758
14,263,690

121,029
303,764
213,341
190,730
239,160
301,103
84,859
28,873
44,859
144,088
212,927
152,053
2,036,786

1997/98
October
November
December
January
February
March
April
May
June
July
August
September
Total 1/

1,520,183
1,525,633
1,525,532
1,679,572
1,787,922
1,711,233
1,762,552
1,857,634
1,856,950
1,712,617
1,779,079
1,453,153

1,590,600
1,579,893
1,689,303
1,685,498
1,557,638
1,654,605
1,525,686
1,417,804
1,337,101
1,409,330
1,285,468
1,410,095
18,143,021

5,567
5,244
7,139
5,929
4,750
3,867
2,724
3,936
5,520
6,007
3,473
NA
54,156

1,429,964 1,992,913
1,525,427 1,898,390
1,346,340 2,027,133
1,336,223 2,172,344
1,320,008 2,203,178
1,446,721 2,171,307
1,265,327 2,163,799
1,244,008 2,143,221
1,206,844 2,137,920
1,341,955 1,978,127
1,422,848 1,699,860
1,414,812 1,520,183
16,300,477 24,108,375

3,116,350
1,373,535
217,181
1,590,717 1,525,633
3,110,770
1,161,260
423,978
1,585,238 1,525,532
3,221,974
1,342,691
199,712
1,542,402 1,679,572
3,370,999
1,133,639
449,439
1,583,077 1,787,922
3,350,310
1,251,494
387,582
1,639,077 1,711,233
3,369,705
1,338,570
268,583
1,607,153 1,762,552
3,290,962
1,242,236
191,092
1,433,328 1,857,634
3,279,374
1,274,314
148,110
1,422,424 1,856,950
3,199,571
1,282,259
204,695
1,486,954 1,712,617
3,127,954
1,187,088
161,787
1,348,875 1,779,079
3,068,020
1,298,894
315,973
1,614,867 1,453,153
2,863,248
NA
NA
1,475,982 1,387,266
19,717,360
13,885,979 2,968,133 18,330,094
------------------------------------------------------..... --------------------------_....--------_...._-------_ .._--------_ .._---------------------------------------------NA = Not available. 11 Imports, exports, and domestic disappearance totals through August.
Economic Research Service/USDA

Oil Crops Situation and OutlooklOCS-1998/0ctober 1998

41

Table 22-Soybean product prices, by month, U.S., 1994/95-1997/98


-----------------------------------------Soybean meal
Soybean oil,
Year
Price
48-percent
crude,
beginning
received
by farmers
Decatur
Decatur
October 1
-------------------------------

$/bu.

$/ton

Centsllb.

1994/95
October
November
December
January
February
March
April
May
June
July
August
September
Simple average

5.30
5.36
5.41
5.47
5.40
5.51
5.55
5.56
5.68
5.90
5.83
5.98
5.58

168.50
161.30
156.90
156.40
151.30
156.90
161.90
159.10
160.40
170.45
166.70
180.80
162.55

26.60
29.41
30.37
29.00
27.97
28.17
26.16
25.75
26.66
27.51
26.28
26.21
27.51

1995/96
October
November
December
January
February
March
April
May
June
July
August
September
Simple average

6.16
6.40
6.76
6.78
7.00
7.00
7.43
7.69
7.41
7.62
7.82
7.79
7.16

193.90
204.10
223.60
232.00
228.30
226.60
249.30
244.30
238.80
252.50
261.20
276.40
235.92

26.57
25.42
24.76
23.52
23.49
23.48
25.70
26.50
24.95
24.09
23.98
23.92
24.70

1996/97
October
November
December
January
February
March
April
May
June
July
August
September
Simple average

6.94
6.90
6.91
7.13
7.38
7.97
8.23
8.40
8.16
7.52
7.25
6.72
7.46

248.50
251.50
250.60
249.20
262.40
280.50
288.60
306.40
287.90
273.56
273.30
278.30
270.90

21.95
21.81
21.60
22.45
22.41
23.29
23.17
23.68
22.97
21.89
22.06
22.88
22.51

1997/98
October
6.50
229.30
24.31
November
6.85
245.30
25.73
December
6.71
222.50
25.08
January
6.69
202.80
25.10
February
6.57
192.75
26.51
March
6.40
174.20
27.09
April
6.26
162.50
28.10
May
6.26
160.00
28.27
June
6.15
168.60
25.83
July
6.13
183.40
24.88
August
5.43
146.25
23.99
September
5.15
135.85
25.14
Simple average
6.26
185.29
25.84
----..----------------------------------------------------------------------------42

Oil Crops Situation and OutlookfOCS-1998/0ctober 1998

Economic Research Service/USDA

Table 23--Soybeans: Monthly value of products per bushel of soybeans processed, and spot price spread, U.S., 1988/89-1997/98

------_...--------..----_ ..--------------_ ....----_.._--------- ..... _--_ ..----_...-------------------------------------------------------------------------------------------------------------Price


Year
beginning
September 1

- .. --_..........-- ..._---_..-----_..--_..... _--_ ....---- .....----_..-----...----------------- .. ---------.

---------..---------..._-------------

Total
--_ ....----_.._--_.....--_.... .....--_..... ---_.----_....----_......---..._--------------------_ ..... value
Value
Price 2/
Yield
Value
Yield Price 11
Soybean meal

Soybean oil

_-_

..----------------------

Percent of value

Value of products per bushel

Soybean
oil

Soybean
meal

Spread
No.1
yellow between value
Illinois of products and
processor soybean price

----_..--------_..----------_...---_.._-_..._-----_ ..--_......._--------..----_ ....---------------------------_ .... ---_...--------------------------------------------------------------------------------1988/89


1989/90
1990/91
1991/92
1992/93
1993/94
1994/95
1995/96
1996/97
1997/98
1989/90
September
October
November
December
January
February
March
April
May
June
July
August
Average
1990/91
September
October
November
December
January
February
March
April
May
June
July
August
Average
1991/92
September
October
November
December
January
February
March
April
May
June
July
August
Average
1992/93
September
October
November
December
January
February
March
April
May
June
July
August
Average

--------------%---------------

0.72
0.65
0.64
0.67
0.67
0.61
0.56
0.66
0.72
0.62

7.53
5.96
5.90
5.84
5.95
6.59
5.73
7.39
7.80
6.64

0.97
1.01
0.77
0.89
0.90
0.96
1.18
0.82
1.08
0.92

0.28
0.30
0.32
0.31
0.33
0.35
0.38
0.38
0.38
0.39
0.39
0.39
0.35

0.72
0.70
0.68
0.69
0.67
0.65
0.62
0.62
0.62
0.61
0.61
0.61
0.65

6.00
5.64
5.70
5.82
5.72
5.85
6.00
6.00
6.20
6.09
6.19
6.26
5.96

1.71
1.41
1.13
0.87
0.78
0.58
0.70
0.85
1.09
1.03
0.97
0.99
1.01

7.27
6.91
6.45
6.55
6.39
6.58
6.71
6.76
6.61
6.57
6.45
6.77
6.67

0.38
0.37
0.36
0.36
0.38
0.37
0.37
0.36
0.35
0.34
0.33
0.34
0.36

0.62
0.63
0.64
0.64
0.62
0.63
0.63
0.64
0.65
0.66
0.67
0.66
0.64

6.28
6.14
5.87
5.91
5.76
5.85
5.92
6.01
5.89
5.83
5.54
5.78
5.90

0.99
0.77
0.58
0.64
0.63
0.73
0.79
0.75
0.72
0.74
0.91
0.99
0.77

4.84
4.66
4.52
4.35
4.38
4.41
4.41
4.45
4.64
4.84
4.43
4.41
4.53

7.16
6.88
6.65
6.50
6.51
6.56
6.67
6.63
6.96
7.23
6.59
6.47
6.73

0.32
0.32
0.32
0.33
0.33
0.33
0.34
0.33
0.33
0.33
0.33
0.32
0.33

0.68
0.68
0.68
0.67
0.67
0.67
0.66
0.67
0.67
0.67
0.67
0.68
0.67

5.98
5.68
5.71
5.68
5.77
5.81
5.93
5.85
6.09
6.19
5.80
5.64
5.84

1.18
1.20
0.94
0.82
0.74
0.75
0.74
0.78
0.87
1.04
0.79
0.83
0.89

4.43
4.28
4.34
4.46
4.49
4.28
4.37
4.46
4.60
4.59
5.45
5.20
4.58

6.52
6.28
6.47
6.65
6.76
6.52
6.64
6.76
6.89
6.90
8.09
7.76
6.85

0.32
0.32
0.33
0.33
0.34
0.34
0.34
0.34
0.33
0.33
0.33
0.33
0.33

0.68
0.68
0.67
0.67
0.66
0.66
0.66
0.66
0.67
0.67
0.67
0.67
0.67

5.54
5.35
5.60
5.72
5.82
5.75
5.87
5.97
6.07
6.06
6.89
6.79
5.95

0.98
0.93
0.87
0.93
0.94
0.77
0.77
0.79
0.82
0.84
1.20
0.97
0.90

Lbs.

Cents

Lbs.

11.16
11.17
11.23
11.42
10.84
10.87
11.08
11.15
10.91
11.25

21.66
21.80
21.31
19.31
21.01
26.78
27.70
24.89
22.60
25.65

2.42
2.44
2.39
2.20
2.28
2.91
3.07
2.78
2.47
2.89

47.43
47.63
47.47
47.51
47.54
47.62
47.33
47.69
47.36
47.40

256.50
190.22
180.19
190.65
192.68
194.98
162.03
227.95
270.74
197.40

6.08
4.53
4.28
4.53
4.58
4.64
3.83
5.44
6.41
4.68

8.50
6.97
6.67
6.73
6.86
7.55
6.90
8.21
8.88
7.56

0.28
0.35
0.36
0.33
0.33
0.39
0.44
0.34
0.28
0.38

11.37
11.16
11.01
11.02
11.07
11.13
11.11
11.21
11.24
11.26
11.26
11.25
11.17

18.77
19.02
19.62
19.12
19.28
20.28
22.78
23.35
24.72
24.88
24.71
25.05
21.80

2.13
2.12
2.16
2.11
2.13
2.26
2.53
2.62
2.78
2.80
2.78
2.82
2.44

47.45
47.40
47.90
47.83
47.54
48.32
47.32
47.59
47.63
47.47
47.65
47.51
47.63

234.90
208.10
194.90
191.60
183.80
172.90
176.40
178.00
189.40
182.00
183.92
186.75
190.22

5.57
4.93
4.67
4.58
4.37
4.18
4.17
4.24
4.51
4.32
4.38
4.44
4.53

7.71
7.05
6.83
6.69
6.50
6.43
6.70
6.85
7.29
7.12
7.16
7.25
6.97

11.28
11.20
11.02
11.08
11.18
11.18
11.18
11.32
11.32
11.32
11.32
11.32
11.23

24.45
22.59
21.05
21.55
21.56
21.66
22.21
21.50
20.23
19.65
19.05
20.23
21.31

2.76
2.53
2.32
2.39
2.41
2.42
2.48
2.43
2.29
2.22
2.16
2.29
2.39

47.52
47.30
47.42
47.35
47.64
47.64
47.64
47.42
47.42
47.42
47.45
47.45
47.47

190.00
185.40
174.25
175.90
167.00
174.50
177.60
182.50
182.10
183.25
181.00
188.75
180.19

4.51
4.38
4.13
4.16
3.98
4.16
4.23
4.33
4.32
4.34
4.29
4.48
4.28

11.32
11.32
11.32
11.32
11.34
11.38
11.46
11.49
11.50
11.52
11.50
11.52
11.42

20.46
19.57
18.78
18.99
18.77
18.88
19.74
19.00
20.15
20.71
18.82
17.87
19.31

2.32
2.22
2.13
2.15
2.13
2.15
2.26
2.18
2.32
2.39
2.16
2.06
2.21

47.41
47.52
47.52
47.52
47.58
47.52
47.49
47.49
47.51
47.47
47.60
47.47
47.51

204.25
196.30
190.25
183.10
184.00
185.40
185.90
187.20
195.25
203.90
186.25
186.00
190.65

11.44
10.87
10.61
10.66
10.67
10.79
10.78
10.83
10.82
10.84
10.92
10.91
10.85

18.28
18.36
20.10
20.52
21.23
20.72
21.00
21.24
21.15
21.30
24.13
23.47
20.96

2.09
2.00
2.13
2.19
2.27
2.24
2.26
2.30
2.29
2.31
2.63
2.56
2.27

47.36
47.39
47.69
47.56
47.61
47.58
47.64
47.55
47.63
47.51
47.44
47.46
47.54

187.00
180.60
181.90
187.60
188.75
179.90
183.60
187.40
193.25
193.10
229.90
219.10
192.68

--------------------------------------------------_..-..-------------------------------------------------------------------------------------------------------------------------------------Continued--

Economic Research Service/USDA

Oil Crops Situation and Outlook/OCS-1998/0ctober 1998

43

Table 23-.Soybeans: Monthly value of products per bushel of soybeans processed, and spot price spread, U.S., 1988/89-1997/98
. - - - - - - - -.._----------------_..._--------......----------------------------------------Price
Value of products per bushel
Spread
Percent of value
No.1
Date
- --------------------------------------Total
Soybean meal
value - - - - - - - - - - - - - yellow between value
Soybean oil
Soybean Soybean lJIinois of products and
- - - - - - - - - - - -..----------------------------------...---processor soybean price
meal
Price 2/ Value
oil
Yield Price 1/ Value
Yield
- - - - - - - - - - - - -.....--_...._---_..-------- ...... _----------- .. _--------------------------------------------------------------------------------------$
Lbs.
$
$ ------------%-------------$
Lbs. Cents
$
$
1993/94
6.43
0.95
47.98
199.90
4.80
7.38
0.35
0.65
September
10.95
23.61
2.58
4.63
0.35
0.65
6.06
1.08
2.51
47.60
194.50
7.14
October
10.91
22.98
0.35
0.65
6.64
1.05
10.74
25.37
47.47
209.40
4.97
7.69
November
2.72
0.38
0.62
6.94
0.92
10.67
28.09
3.00
47.25
206.00
4.87
7.86
December
0.93
7.94
0.41
0.59
7.01
198.30 4.71
January
10.77
29.91
3.22
47.55
0.60
6.86
0.99
28.84
3.13
47.60
198.40 4.72
7.85
0.40
February
10.86
0.40
0.60
6.92
0.88
47.59
195.40
4.65
7.80
March
10.87
29.03
3.15
6.70
0.85
47.56
188.90 4.49
7.55
0.40
0.60
April
10.94
27.94
3.06
0.41
0.59
6.89
0.89
47.51
193.75
4.60
7.78
May
10.90
29.10
3.17
0.61
6.85
0.88
0.39
27.60
3.04
47.96
195.50 4.69
7.73
June
11.01
6.03
0.94
6.97
0.38
0.62
10.88
24.53
2.67
47.51
181.10 4.30
July
0.61
5.76
1.18
47.68
178.60 4.26
6.94
0.39
August
10.93
24.51
2.68
0.61
6.59
0.96
0.38
10.87
26.79
47.62
194.98
4.64
7.55
Average
2.91
1994/95
5.57
1.46
0.41
0.59
47.53
174.50 4.15
7.03
September
11.03
26.11
2.88
0.43
0.57
5.31
1.67
27.06
3.01
47.15
168.50 3.97
6.98
October
11.13
7.09
0.46
0.54
5.66
1.43
November
10.95
29.84
3.27
47.41
161.30 3.82
156.90
3.70
7.04
0.47
0.53
5.67
1.37
December
10.92
30.61
3.34
47.13
5.58
1.31
47.24
156.40 3.69
6.89
0.46
0.54
January
10.99
29.04
3.19
0.46
0.54
5.60
1.10
February
11.06
28.15
3.11
47.36
151.30
3.58
6.70
0.46
0.54
5.74
1.14
28.33
3.14
47.61
156.90 3.74
6.88
March
11.08
6.77
0.43
0.57
5.78
0.99
11.16
26.30
2.94
47.39
161.90
3.84
April
5.80
0.86
47.26
159.10 3.76
6.66
0.44
0.56
May
11.17
26.00
2.90
0.44
0.56
5.77
1.02
11.21
26.78
3.00
47.21
160.40 3.79
6.79
June
0.57
6.23
0.87
July
27.60
3.07
47.34
170.45 4.03
7.10
0.43
11.12
0.57
6.02
0.90
August
11.22
26.56
2.98
47.30
166.70
3.94
6.92
0.43
6.90
0.44
0.56
5.73
1.18
Average
11.08
27.70
3.07
47.33
162.03 3.83
1995/96
0.41
0.59
6.32
0.88
180.80 4.27
7.20
September
11.25
26.11
2.94
47.21
0.61
6.56
1.07
26.57
47.98
193.90 4.65
7.63
0.39
October
11.23
2.98
0.82
11.02
47.79
204.10
4.88
7.68
0.36
0.64
6.86
November
25.42
2.80
8.05
0.34
0.66
7.17
0.88
December
11.04
24.76
2.73
47.52
223.60 5.31
7.37
January
11.09
23.52
2.61
47.97
232.00
5.56
8.17
0.32
0.68
0.80
47.70
228.30 5.45
8.06
0.32
0.68
7.30
0.76
February
11.11
23.49
2.61
5.41
8.05
0.33
0.67
7.26
0.79
47.75
226.60
March
11.19
23.60
2.64
April
11.23
25.70
2.89
47.85
249.30
5.96
8.85
0.33
0.67
7.91
0.94
0.34
0.66
8.08
May
11.26
26.50
2.98
47.67
244.30
5.82
8.81
0.73
11.36
24.95
47.76
238.80
5.70
8.54
0.33
0.67
7.78
0.76
June
2.83
0.31
0.69
7.95
0.77
47.49
252.50
6.00
8.72
July
11.29
24.10
2.72
August
11.09
47.55
261.20 6.21
8.87
0.30
0.70
8.16
0.71
23.99
2.66
Average
11.15
24.89
2.78
47.69
227.95
5.44
8.21
0.34
0.66
7.39
0.82
1996/97
2.71
47.65
276.40
6.59
9.29
0.29
0.71
8.20
1.09
September
11.33
23.92
0.71
7.11
21.95
47.13
248.50 5.86
8.28
0.29
1.17
October
11.03
2.42
November
10.74
47.36
5.96
21.80
2.34
251.50
8.30
0.28
0.72
7.04
1.26
December
10.66
21.60
47.29
250.60 5.93
8.23
0.28
0.72
7.08
1.15
2.30
January
10.74
22.45
2.41
47.37
249.20
5.90
8.31
0.29
0.71
7.37
0.94
47.42
262.40 6.22
8.64
0.28
0.72
February
10.78
7.69
0.95
22.41
2.41
10.86
23.29
47.49
280.50
6.66
9.19
March
2.53
0.28
0.72
8.33
0.86
April
10.92
47.20
288.60 6.81
9.34
0.73
23.17
2.53
0.27
8.54
0.80
May
10.98
23.68
2.60
47.30
7.25
9.85
0.26
0.74
8.78
1.07
306.40
10.98
22.97
47.26
287.90 6.80
0.27
2.52
9.33
0.73
8.37
0.96
June
July
11.08
21.89
2.43
47.45
273.60
6.49
8.92
0.27
0.73
7.69
1.23
August
11.00
22.06
2.43
47.51
273.30 6.49
8.92
0.27
0.73
7.41
1.51
Average
10.91
22.60
2.47
47.36
270.74 6.41
8.88
0.28
0.72
7.80
1.08

-----

1997/98
September
October
November
December
January
February
March
April
May
June
JUly
August
Average

11.11
11.18
11.06
11.04
11.10
11.27
11.26
11.39
11.44
11.38
11.39
11.48
11.25

22.88
24.31
25.73
25.08
25.09
26.51
27.09
28.10
28.28
25.83
24.88
24.00
25.65

2.54
2.72
2.85
2.77
2.78
2.99
3.05
3.20
3.24
2.94
2.83
2.76
2.89

-_

47.13
47.03
47.49
47.36
47.34
47.44
47.33
47.37
47.71
47.59
47.52
47.62
47.40

278.30
229.30
245.30
225.50
202.85
192.75
174.20
162.50
160.00
168.60
183.40
146.15
197.40

__

6.56
5.39
5.82
5.34
4.80
4.57
4.12
3.85
3.82
4.01
4.36
3.48
4.68

9.10
8.11
8.67
8.11
7.59
7.56
7.17
7.05
7.05
6.95
7.19
6.24
7.56

0.28
0.34
0.33
0.34
0.37
0.40
0.43
0.45
0.46
0.42
0.39
0.44
0.38

0.72
0.66
0.67
0.66
0.63
0.60
0.57
0.55
0.54
0.58
0.61
0.56
0.62

7.03
6.84
7.27
6.99
6.79
6.80
6.62
6.49
6.49
6.40
6.42
5.56
6.64

2.07
1.27
1.40
1.12
0.80
0.76
0.55
0.56
0.56
0.55
0.77
0.68
0.92

--------.._---_..._-----_......._-........ .......------....
....._--_.._-..-------------..--------------..------------------1/ Crude, tanks, f.o.b. Decatur. 2/48 percent (solvent), Decatur.

44 Oil Crops Situation and Outlook/OCS-1998/0ctober 1998

Economic Research Service/USDA

Table 24--Supply and use: Soybeans, soybean meal, and soybean oil, U.S., major foreign exporters, importers, and world, 1995/96-1998/99 1/
....................... ..-_....._....
....--.......... -_ ....
..---_.......
....--_........--.... _.. ----.......-----_..---_ .......----_ .._---_ .. -----_ .. -----_..-----_ ....--- .... -------_ .. ---- .......----.._.... ----.........-----_..----...... -----...... ----- ......
World less United States
World less United States
......_--_......... .....---_..-------------_ ... ---_.....
...-----...-------------- .. --------------------United Major
Major
Total
World
Major
Total
World
United Major
4/
States exporters importers
States exporters importers
4/
3/
2/
2/
3/
_.... ..-_...... ....._--........_..---.........--_....
.........-_...........--_......---_....----_.....----_ ..... -----_.. ------_... -.. ---_.... -----_....------------_.._-------------------_ .. ------------_..------_ .... _------------_ ..---Million metric tons

_--_

_-----

_----

_--_

_--_

1995/96:
Soybeans-Supply-Beg. stocks
Production
Imports
Use-Crush
Total
Exports
Ending stocks
Soybean meal-Supply-Beg. stocks
Production
Imports
Use-Domestic
Exports
Ending stocks
Soybean oil-Supply-Beg. stocks
Production
Imports
Use-Domestic
Exports
Ending stocks
1996/97:
Soybeans-Supply-Beg. stocks
Production
Imports
Use-Crush
Total
Exports
Ending stocks
Soybean meal-Supply-Beg. stocks
Production
Imports
Use-Domestic
Exports
Ending stocks

_--_

9.11
59.24
0.12

11.87
38.98
1.06

1.59
14.56
19.81

14.59
65.71
32.15

23.70
124.96
32.27

37.27
40.32
23.17
4.99

32.61
34.75
7.14
10.02

24.82
34.05
0.49
1.76

74.75
91.09
8.78
12.51

112.02
131.41
31.95
17.51

0.20
29.51
0.07

1.50
28.62
0.10

1.19
17.54
19.61

4.20
59.51
32.80

4.40
89.02
32.87

24.14
5.45
0.19

6.08
22.76
1.39

32.88
4.24
1.43

64.04
28.33
4.12

88.19
33.77
4.31

0.52
6.91
0.04

0.76
8.28
0.64

0.44
1.87
1.63

1.71
13.25
5.11

2.22
20.17
5.15

6.11
0.45
0.91

4.58
4.27
0.85

3.51
0.07
0.37

13.53
4.83
1.72

19.64
5.28
2.64

4.99
64.84
0.24

10.02
40.77
1.20

1.76
16.40
27.43

12.51
66.89
36.17

17.51
131.73
36.42

39.08
42.50
24.00
3.58

31.49
33.86
11.32
6.80

31.32
43.24
0.56
1.80

76.43
93.33
12.96
9.29

115.51
135.83
36.96
12.86

0.19
31.04
0.09

1.39
27.65
0.20

1.43
19.64
23.32

4.12
60.78
34.26

4.31
91.81
34.35

24.78
6.34
0.19

6.36
21.79
1.08

38.64
4.54
1.22

67.95
27.61
3.59

92.73
33.96
3.78

1997/98: 5/
Soybeans-Supply-Beg. stocks
Production
Imports
Use-Crush
Total
Exports
Ending stocks
Soybean meal-Supply-Beg. stocks
Production
Imports
Use-Domestic
Exports
Ending stocks
Soybean oil-Supply-Beg. stocks
Production
Imports
Use-Domestic
Exports
Ending stocks
1998/99: 6/
Soybeans-Supply-Beg. stocks
Production
Imports
Use-Crush
Total
Exports
Ending stocks
Soybean meal-Supply-Beg. stocks
Production
Imports
Use-Domestic
Exports
Ending stocks

3.58
73.55
0.12

6.80
52.40
2.70

1.80
18.35
28.73

9.29
82.54
39.04

12.86
156.09
39.16

43.46
47.94
23.87
5.44

33.50
36.45
14.00
11.45

34.22
46.56
0.70
1.62

82.69
100.99
16.15
13.73

126.15
148.93
40.02
19.16

0.19
34.54
0.05

1.08
30.12
0.10

1.22
21.50
24.66

3.59
65.56
36.26

3.78
100.10
36.31

26.00
8.53
0.25

7.24
22.70
1.37

41.92
4.39
1.08

73.44
28.46
3.52

99.44
36.98
3.77

0.69
8.21
0.03

0.85
8.77
0.69

0.34
2.54
2.22

1.74
14.63
6.83

2.43
22.84
6.86

6.90
1.44
0.59

4.61
4.86
0.85

4.69
0.04
0.38

16.07
5.40
1.73

22.96
6.84
2.33

5.44
75.36
0.16

11.45
48.40
1.40

1.62
17.55
29.28

13.73
78.27
38.50

19.16
153.63
38.67

43.54
47.62
22.59
10.75

34.70
37.65
13.50
10.10

34.23
46.07
0.72
1.65

84.86
102.54
15.54
12.42

128.40
150.16
38.13
23.17

0.25
34.40
0.05

1.37
31.32
0.10

1.08
21.41
25.62

3.52
67.25
37.88

3.77
101.66
37.92

26.85
7.62
0.23

7.05
24.35
1.38

42.56
4.43
1.12

74.79
30.37
3.49

101.64
37.99
3.72

Soybean oil-Soybean oil-Supply-Supply-Beg. stocks


Beg. stocks
0.91
0.85
0.37
1.72
2.64
0.59
0.85
0.38
1.73
2.33
7.14
2.05
13.53
20.68
Production
8.20
8.95
Production
8.27
2.56
14.95
23.15
Imports
0.02
0.64
1.96
5.90
5.93
Imports
0.03
0.71
2.33
6.76
6.78
Use-Use-20.89
Domestic
Domestic
6.47
4.50
3.97
14.42
6.96
4.74
4.81
16.24
23.21
Exports
0.92
0.08
5.92
Exports
1.20
4.40
5.00
4.88
0.05
5.54
6.75
Ending stocks
0.69
0.85
0.34
1.74
2.43
Ending stocks
0.66
0.81
0.40
1.65
2.31
..--_...........--_ ... .. --_....-----....---------_..............._........._-_........._-----_ .. -----_...._---------------------------------_......----------------------------------------------------------------------------1/ Data based on local marketing years except for Argentina and Brazil, which are adjusted to an October-September year.
2/ Major exporters include Brazil and Argentina. 3/ EU-15, China, and Japan. 4/ World imports and exports will not balance because of
differences in local marketing years and time lags between reported exports and imports. Therefore, world supply may not equal world use.
5/ Estimated. 6/ Projected.

_-

Economic Research Service/USDA

Oil Crops Situation and Outlook/OCS-1998/0ctober 1998

45

Table 25--Cottonseed: Acreage planted, harvested, yield, production, and


value, U.S., 1965/66-1998/99
.........------_.........__...------....- ...... .._-------------..--.... _-----_ .. ....._...... _------------.... _---------------Value
Production
Yield
Planted Harvested
Year

_-_

--------------_..-----------------------------_ .. _-- .._--------------- ..-------------- .._----------------------------1 ,000 acres------- Lbs/acre


1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998

14,152
10,349
9,448
10,912
11,882
11,945
12,355
14,001
12,480
13,679
9,478
11,636
13,680
13,375
13,978
14,534
14,330
11,345
7,926
11,145
10,685
10,045
10,397
12,515
10,587
12,348
14,052
13,240
13,438
13,720
16,931
14,634
13,808
12,866

1/

13,615
9,552
7,997
10,160
11,058
11,155
11,471
12,984
11,970
12,547
8,796
10,914
13,275
12,400
12,831
13,215
13,841
9,734
7,348
10,379
10,229
8,468
10,030
11,948
9,538
11,732
12,960
11,123
12,783
13,322
16,007
12,868
13,270
10,355

894
829
803
913
736
729
739
831
838
719
732
755
832
689
901
677
924
974
837
992
1,032
898
1,150
1,015
980
1,018
1,068
1,120
992
1,142
856
1,110
1,046
962

.._--_.._-------_........._----_ .._------_.... _.... ---_ ...._-----------........_-_


NA = Not available.

1,000 tons

$1,000

284,412
6,086
261,008
3,960
177,406
3,210
4,638
234,492
4,068
167,204
229,607
4,066
4,240
240,930
5,393
267,136
5,016
501,911
4,510
611,217
312,264
3,218
425,411
4,122
5,521
388,035
4,269
485,609
5,778
697,617
4,471
574,511
6,397
549,041
4,744
366,240
511,450
3,076
511,953
5,149
348,342
5,279
3,801
303,965
474,703
5,769
718,255
6,062
4,677
492,683
5,969
722,313
6,926
492,261
6,230
608,438
6,343
714,389
7,604
771,315
6,849
731,005
7,144
914,564
6,935
839,135
4,984
NA
.. _------------ .. ------------_.... _------

1/ Forecast.

26--Cottonseed: Supply, disappearance, and price, U.S., 1975/76-1998/99


_Table
......_------_........--- -................._---_...._....._--_ ............_-----_ .... _-----_ __---------......-------......------.. -_ ......_----------------_....._------............_--.........._-----.._...._-----......--...

.. ..

Supply

..-.................. _-...........------........-------.......-...._-----_ ...._-

Year
beginning
August 1

Beginning
stocks

Production

Total
1/

Disappearance

-_.............._-_...... _.._..................................- ....................................Crush

Exports

other

..- .. __ .. - .........._....

Total

Price

Ending
stocks

--_ .._-_ ..__..


Average
received
by farmers

--_....._-----_......__ .... _..__....-----..__......_- .._- ...._-----...._-- .........._-............ _--....------_....- .._-_......_..__............-..-.._.................._-----_.._.._-----_...........__ .. _.........._.._-----------_........----------------------------------------------------- --------1 ,000 tons------------------------------------------------------------1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998

2/

554
203
283
817
520
1,058
398
781
371
116
406
347
189
359
665
366
651
460
365
432
551
517
523
563

3,218
4,122
5,521
4,269
5,778
4,471
6,397
4,744
3,076
5,149
5,279
3,801
5,769
6,062
4,677
5,969
6,926
6,230
6,343
7,604
6,849
7,144
6,935
4,984

3,772
4,325
5,804
5,086
6,298
5,529
6,795
5,525
3,447
5,265
5,685
4,148
5,958
6,421
5,343
6,338
7,579
6,690
6,708
8,036
7,399
7,681
7,522
5,685

2,952
3,499
4,313
4,127
4,230
4,076
4,575
3,800
2,583
3,514
3,417
2,520
3,396
3,730
2,974
3,369
3,981
3,629
3,470
3,947
3,882
3,860
3,885
2,650

61
26
41
16
94
133
45
12
50
60
9
17
50
39
46
53
161
192
157
232
114
116
146
25

556
517
633
423
916
922
1,394
1,342
698
1,285
1,912
1,422
2,153
1,987
1,956
2,265
2,977
2,504
2,649
3,306
2,888
3,182
2,929
2,835

3,568
4,042
4,987
4,566
5,240
5,131
6,014
5,154
3,331
4,859
5,338
3,959
5,599
5,756
4,976
5,687
7,119
6,325
6,276
7,485
6,884
7,158
6,960
5,510

203
283
817
520
1,058
398
781
371
116
406
347
189
359
665
366
651
460
365
432
551
517
523
563
175

$/ton
97.00
103.00
70.30
114.00
121.00
129.00
86.00
77.00
166.00
100.00
66.00
80.00
83.00
118.00
105.00
121.00
71.00
98.00
113.00
101.00
106.00
126.00
121.00
130-150

11 Total supply includes imports. 2/ Forecast.

46

Oil Crops Situation and Outlook/OCS-1998/0ctober 1998

Economic Research Service/USDA

Table 27--Cottonseed meal: Supply, disappearance, and price, U.S., 1965/66-1998/99


...---_...---_.. ..._----_ ... ..-----_.._---------------.-------.--------------_.-------_.-----_.... ---------------------_.------.-.------._-.-----.-.-------.--Disappearance
Price
Supply
------------------._.-----..----_..._---_...--------------_..-------_.----. ._------_.-----._.---------------._-------- Ending -------_.._-.---Year
Total
Domestic
Exports
Total
stocks
Average,
Beginning
Production
Imports
beginning
Memphis
October 1
stocks
(solvent)
.----_.------------------------------.--------------------_._---------------_..---------.----._... -------------.--------------------------.--------._ ..._---.-----._--------------------------------------------------------------------------------Short tons-------------------------------------------------$/ton

_---_

1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998

_---_

78
64
105
108
65
39
82
33
55
67
61
20
59
69
52
53
108
154
93
100
68
69
32
44
81
48
94
43
29
53
47
51
26
71

1/
2/

2,604
1,744
1,424
2,029
1,786
1,762
1,843
2,267
2,172
1,851
1,238
1,643
2,083
1,885
2,048
1,790
2,190
1,588
1,134
1,732
1,526
1,112
1,647
1,689
1,327
1,691
1,765
1,533
1,563
1,830
1,748
1,752
1,770
1,195

---------------_ .._-------------------------------_._-----_....

44
59
44
30
1
0
0
4
5
1
11
2
4
9
7
0
0
0
0
0
0
0
0
3
22
7
2
0
0
0
0
4
0
0

2,726
1,867
1,573
2,167
1,852
1,801
1,925
2,304
2,232
1,919
1,310
1,665
2,146
1,963
2,107
1,843
2,298
1,742
1,227
1,832
1,594
1,181
1,679
1,736
1,430
1,746
1,861
1,575
1,592
1,883
1,795
1,807
1,796
1,266

_-----_.~------_

.._------_..

2,563
1,755
1,462
2,087
1,794
1,692
1,886
2,225
2,096
1,847
1,266
1,555
1,963
1,762
1,879
1,636
2,037
1,648
1,126
1,758
1,520
1,131
1,590
1,632
1,366
1,620
1,746
1,418
1,419
1,748
1,632
1,649
1,600
1,235

99
7
3
15
19
27
6
24
69
11
24
51
114
150
175
99
107
1
1
6
5
18
45
23
16
32

72
128
120
88
111
132
125
10

_------_.~._----- ----------_.-------

72.10
2,662
64
1,762
105
77.20
1,465
108
75.50
2,102
65
63.40
1,813
71.70
39
1,719
82
72.30
33
75.65
1,892
2,249
55
161.20
2,165
67
130.70
1,858
61
119.00
1,290
20
145.00
1,606
59
173.65
139.68
2,077
69
164.80
1,912
52
2,054
53
164.10
197.06
1,735
108
2,144
156.15
154
1,649
93
176.55
1,127
100
190.20
1,764
68
99.40
134.30
1,525
69
1,149
32
148.55
1,635
178.50
44
1,655
185.00
81
163.30
1,382
48
1,652
130.75
94
1,818
43
140.50
1,546
29
161.78
1,539
53
164.30
1,836
47
112.02
1,743
51
190.74
1,781
26
192.00
1,725
145.00
71
1,245
120-140
21
.. _------_._-------.... -----.....-.---_..

1/ Preliminary. 2/ Forecast.

Table 28--Cottonseed oil: Supply, disappearance, and price, U.S., 1965/66-1998/99


_...------.._------_._------._-----_. __
Supply
Disappearance
..
.._.-----_.._--- ..
Year
beginning
Beginning
Production
Total
Domestic Exports
Total
1/
October 1
stocks
._---------------.------_._.-------_._------_.--------_.---------_.--

---_

-----_._.------~---------_.-----_

---~-------------------------_

_------------------------_._--------~---

.._------_._-_.

Price 2/
Ending ----------------stocks
Average,
Valley
Points

-------------------------------~---------------_._------_._---------------------------------------.--------------------------------------------_._._-----

-------------------------.-------------------------------Million pounds-------------------------------------------

Centsllb.

1965
236
1,830
2,066
273
1,864
1,591
202
13.70
1966
202
1,223
1,425
1,142
76
1,218
207
12.22
1967
207
1,020
1,227
1,079
49
1,128
99
13.16
1968
99
1,450
1,549
1,033
139
1,172
10.83
377
1969
377
1,251
1,628
1,056
451
1,507
12.49
121
121
1,235
1,356
1,262
1970
94
15.21
891
371
1971
94
1,308
1,402
836
1,288
452
114
12.27
1,564
1972
114
1,678
977
587
1,564
114
16.52
1973
114
1,552
1,666
993
563
1,556
110
33.32
1974
110
1,335
1,445
1,309
624
685
136
31.71
920
1975
136
1,056
451
500
951
105
23.46
105
1,198
1,303
1976
534
690
1,224
79
24.81
1977
79
1,453
1,532
689
758
1,447
85
25.43
1978
85
1,282
1,367
620
661
1,281
31.63
86
1979
86
1,423
1,509
1,387
659
728
122
25.34
1980
122
1,195
1,317
527
710
1,237
80
25.86
1981
80
1,551
1,631
680
847
1,527
104
20.10
1982
104
1,134
1,240
604
546
1,150
90
21.80
1983
90
777
885
532
303
835
50
32.80
1984
50
1,174
1,224
684
433
1,117
107
29.20
1985
107
1,070
1,177
650
442
1,092
16.91
85
1986
85
781
877
573
214
787
90
17.67
90
1987
1,204
1,319
750
409
1,159
160
21.67
1988
160
1,243
1,403
850
406
1,256
147
19.71
1989
147
1,039
1,199
765
354
1,118
80
23.30
1990
80
1,154
1,238
852
249
1,101
137
22.30
1991
137
1,279
1,434
1,075
281
1,356
78
20.10
1992
78
1,137
1,253
995
177
1,172
81
30.07
1993
81
1,119
1,226
873
1,121
106
30.30
248
1994
106
1,312
1,417
1,006
329
1,335
29.23
82
1995
82
1,229
1,311
996
221
1,217
94
26.53
1996
94
1,216
1,310
1,012
1,244
25.58
232
66
66
1,230
1,297
1,190
1997 3/
985
205
107
28.84
1998 4/
107
850
957
810
100
910
30.0-33.0
47
-----------._---------.---------------_.------------------_._------_.---------------------------------------------------------------------------_._----1/ Total supply inclUdes imports. 2/ PBSY, basis Greenwood, MS, beginning 1992. 3/ Preliminary. 4/ Forecast.

Economic Research Service/USDA

Oil Crops Situation and Outlook/OCS-1998/0ctober 1998

47

Table 29--Cottonseed: Supply and disappearance, by month, U.S., 1994-1998


--------...--..--------------------------------------------------------------------------------------------

Disappearance

Supply
---------------------

Year

--------------------------------------

Beginning
stocks

Crush

Exports

Ending
stocks

... _---------------------------------------------------------------------------------------------------------

1,000 short tons


1994
January
February
March
April
May
June
July
August
September
October
November
December

2,365.2
2,069.3
1,769.8
1,440.1
1,179.8
899.1
628.8
432.1
370.9
532.8
1,560.0
2,604.3

391.0
335.2
358.6
265.7
257.7
239.4
210.2
192.1
195.5
343.9
386.2
397.5

15.6
14.7
24.4
15.3
18.2
7.9
7.1
26.7
8.2
16.1
23.0
30.3

2,069.3
1,769.8
1,440.1
1,179.8
899.1
628.8
432.1
370.9
532.8
1,560.0
2,604.3
2,763.4

1995
January
February
March
April
May
June
July
August
September
October
November
December

2,763.4
2,529.4
2,197.8
1,865.9
1,523.8
1,220.4
876.2
548.5
292.7
565.7
1,421.9
2,335.2

404.6
360.5
391.0
345.4
304.0
316.5
310.0
264.4
245.5
337.1
386.7
362.4

23.3
21.7
22.1
17.0
19.3
17.5
6.9
3.6
1.8
8.4
7.5
13.6

2,529.4
2,197.8
1,865.9
1,523.8
1,220.4
876.2
548.5
292.7
565.7
1,421.9
2,335.2
2,569.3

1996
January
February
March
April
May
June
July
August
September
October
November
December

2,569.3
2,262.7
1,955.3
1,608.0
1,336.3
952.3
723.3
517.0
494.9
1,491.3
2,212.2
2,541.8

402.3
373.5
381.4
354.4
330.8
228.5
215.0
229.2
225.0
331.7
355.1
352.6

10.9
14.8
24.2
10.7
11.3
6.3
1.1
2.6
2.1
1.8
2.9
3.0

2,262.7
1,955.3
1,608.0
1,336.3
952.3
723.3
517.0
384.6
494.9
1,491.3
2,212.2
2,541.8

1997
January
February
March
April
May
June
July
August
September
October
November
December

2,386.1
2,140.2
1,839.9
1,548.2
1,183.8
871.2
522.8
353.3
340.3
1,254.2
2,275.7
2,470.6

381.2
362.8
362.2
334.4
351.3
280.8
294.0
244.4
178.6
329.7
374.5
381.3

6.2
23.1
19.7
12.4
22.5
13.7
5.7
8.8
5.8
1.4
4.4
2.8

2,386.1
2,140.2
1,839.9
1,548.2
1,183.8
871.2
522.8
353.3
340.3
1,254.2
2,275.7
2,470.6

1998
January
February
March
April
May
June
July
August

2,470.6
1,990.9
1,656.0
1,324.9
1,024.5
752.1
563.0
450.7

428.4
352.3
370.8
359.1
309.1
278.8
277.6
246.1

18.5
13.5
20.6
26.5
26.9
11.9
8.3
7.4

2,213.0
1,990.9
1,656.0
1,324.9
1,024.5
752.1
563.0
450.7

........__............. _----------------........ _-_... _----------------................ _--------------------- ... _---------------- ......._- .._-

48

Oil Crops Situation and Outlook/OCS-1998/0ctober 1998

Economic Research Service/USDA

Table 30--Cottonseed meal: Supply and disappearance, by month, U.S., 1993/94-1997/98


......... ------_.......--------_ ....... -----_ .......... -------_.........-------_.... - .. -----_.. _----------_....---------_...... -----------..------------...--------_....---------_ ........---Disappearance

Supply

Year
beginning
October 1

--_..........-....-------_... -.. ------_........--------_...-------_ ...... ----------------------------------_ .. ---_ .. _----_ .... _-------------- Ending
Beginning
stocks

Production

Total

Imports

Domestic

Exports

Total

stocks

--... --------_....-------_........... -----_.........._-------_...... ----------------------------------------------------------------------------------------------------1,000 short tons


1993/94

29.2
36.9
38.4
31.6
42.5
41.2
52.1
66.4
95.3
95.5
103.7
76.6

130.1
172.2
166.6
161.8
151.8
164.0
119.6
116.1
106.9
93.4
90.6
89.4
1,562.5

0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0

159.3
209.1
205.0
193.4
194.3
205.2
171.7
182.5
202.2
188.9
194.3
166.0
1591.7

116.8
159.2
163.4
143.6
139.3
141.7
95.6
76.1
95.3
72.8
110.7
104.4
1,418.9

5.6
11.5
10.0
7.3
13.8
11.4
9.7
11.1
11.4
12.4
7.0
8.4
119.6

122.4
170.7
173.4
150.9
153.1
153.1
105.3
87.2
106.7
85.2
117.7
112.8
1,538.5

36.9
38.4
31.6
42.5
41.2
52.1
66.4
95.3
95.5
103.7
76.6
53.2

53.2
66.8
80.0
94.9
97.3
99.2
82.8
108.9
91.0
82.4
87.8
75.2

154.3
171.5
176.9
184.1
162.2
174.3
154.2
137.4
143.9
137.2
120.1
113.6
1,829.7

0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0

207.5
238.3
256.9
279.0
259.5
273.5
237.0
246.3
234.9
219.6
207.9
188.8
1882.9

132.2
151.4
155.3
170.0
154.1
180.2
118.5
146.5
144.9
128.0
130.8
136.3
1,748.2

8.5
6.9
6.7
11.7
6.2
10.5
9.6
8.8
7.6
3.8
1.9
5.9
88.1

140.7
158.3
162.0
181.7
160.3
190.7
128.1
155.3
152.5
131.8
132.7
142.2
1,836.3

66.8
80.0
94.9
97.3
99.2
82.8
108.9
91.0
82.4
87.8
75.2
46.6

46.6
34.0
27.0
21.2
15.6
20.7
30.7
44.7
55.8
57.3
55.0
53.3

159.9
178.2
161.0
183.8
169.8
168.3
160.2
150.1
104.4
105.3
104.4
102.7
1,748.1

0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0

206.5
212.2
188.0
205.0
185.4
189.0
190.9
194.8
160.2
162.6
159.4
156.0
1794.7

164.9
178.8
157.1
182.2
157.8
143.8
131.8
126.1
90.9
103.3
95.8
99.7
1,632.2

7.6
6.4
9.7
7.2
6.9
14.5
14.4
12.9
12.0
4.3
10.3
5.1
111.3

172.5
185.2
166.8
189.4
164.7
158.3
146.2
139.0
102.9
107.6
106.1
104.8
1,743.5

34.0
27.0
21.2
15.6
20.7
30.7
44.7
55.8
57.3
55.0
53.3
51.2

51.2
46.5
45.2
32.4
27.5
37.4
43.5
49.6
82.1
85.6
64.94
62.72

146.1
161.5
158.2
174.6
164.6
162.1
152.2
160.7
128.6
123.2
128.2
92.1
1,752.0

0.0
0.2
3.6
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
3.8

197.3
208.2
207.0
207.0
192.1
199.5
195.7
210.3
210.7
208.8
193.1
154.8
1807.037

141.2
153.4
168.2
175.1
144.5
143.2
136.8
114.1
113.3
136.1
114.2
108.9
1,649.0

9.6
9.6
6.4
4.4
10.2
12.8
9.3
14.1
11.8
7.7
16.2
19.9
132.0

150.8
163.0
174.6
179.5
154.7
156.0
146.1
128.2
125.1
143.8
130.4
128.8
1,781.0

46.5
45.2
32.4
27.5
37.4
43.5
49.6
82.1
85.6
64.9
62.7
26.0

26.0
24.369
42.016
37.348
55.173
66.355
80.298
118.489
138.149
108.488
95.26

147.8
168.7
178.2
194.4
158.5
170.4
162.3
141.8
128.8
124.0
114.7

0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.1
0.0

173.8
193.1
220.2
231.8
213.6
236.8
242.6
260.3
267.0
232.7
210.0

139.3
140.9
174.4
154.2
139.6
142.4
117.3
114.8
149.8
130.9
97.7

10.2
10.1
8.5
22.4
7.7
14.0
6.8
7.3
8.7
6.5
1.7

149.4
151.1
182.9
176.6
147.3
156.5
124.1
122.1
158.5
137.4
99.5

24.4
42.0
37.3
55.2
66.4
80.3
118.5
138.1
108.5
95.3
110.5

October
November
December
January
February
March
April
May
June
July
August
September
Total
1994/95

October
November
December
January
February
March
April
May
June
July
August
September
Total
1995/96

October
November
December
January
February
March
April
May
June
July
August
September
Total
1996/97

October
November
December
January
February
March
April
May
June
July
August
September
Total
1997/98

October
November
December
January
February
March
April
May
June
July
August

--------_...._-..-----------_...... _----------------------------_ .. _. -----------_..


Economic Research Service/USDA

_----------------_.~~-----------~~.~.--.-

......_..._----------_._-----------

Oil Crops Situation and Outlook/OCS-1998/0ctober 1998

49

Table 31-Cottonseed oil: Supply and disappearance, by month, U.S., 1993/94-1997/98

...._------_........_ ....

_ ..---------_.......................

---------------------_....-......--------------------..------------_ .. _--------------------------------------------------------------------

Disappearance

Supply

Year
beginning
October 1
........ ....

-----------------------------------------------------------------

Ending
Total
stocks
Exports
Domestic
Total
Imports
Production,
Beginning
crude
stocks
..... ..--------------------.. -----------------------------------------------------------------------------------------------------------------------------_.._---1,000 pounds

-------------- ..----------------_ .. _----------------------------------

_ _ _------_ __
1993/94
October
November
December
January
February
March
April
May
June
July
August
September
Total

81,001
93,143
101,718
123,249
148,417
152,610
167,107
157,015
159,153
144,809
143,811
112,434

93,534
122,215
117,479
124,668
99,885
119,608
85,313
85,208
78,408
69,790
61,721
61,036
1,118,865

0
0
0
0
0
4,307
0
0
19,786
0
0
2,194
26,287

174,535
215,358
219,197
247,917
248,302
276,525
252,420
242,223
257,347
214,599
205,532
175,664
1,226,153

74,313
98,537
81,873
67,489
84,599
88,262
68,810
48,149
100,955
46,485
68,454
67,815
895,741

7,079
15,103
14,075
32,011
11,093
21,156
26,595
34,921
11,583
24,303
24,644
25,265
247,828

81,392
113,640
95,948
99,500
95,692
109,418
95,405
83,070
112,538
70,788
93,098
70,072
1,120,561

93,143
101,718
123,249
148,417
152,610
167,107
157,015
159,153
144,809
143,811
112,434
105,592

1994/95
October
November
December
January
February
March
April
May
June
July
August
September
Total

105,592
103,492
117,018
114,740
122,186
150,491
129,904
120,796
95,679
96,854
92,226
87,842

109,846
122,628
125,607
133,408
115,608
125,159
110,362
97,743
102,436
96,560
87,839
84,310
1,311,506

0
0
0
14
5
25
91
18
5
16
0
14
188

215,438
226,120
242,625
248,162
237,799
275,675
240,357
218,557
198,120
193,430
180,065
172,166
1,417,286

94,459
75,717
91,272
107,168
43,854
97,300
85,061
94,103
78,574
82,264
80,430
67,815
998,017

17,487
33,385
36,613
18,808
43,454
48,471
34,500
28,775
22,692
18,940
11,793
13,741
328,659

111,946
109,102
127,885
125,976
87,308
145,771
119,561
122,878
101,266
101,204
92,223
90,040
1,335,160

103,492
117,018
114,740
122,186
150,491
129,904
120,796
95,679
96,854
92,226
87,842
82,126

1995/96
October
November
December
January
February
March
April
May
June
July
August
September
Total

82,126
82,575
89,269
94,847
118,181
147,200
151,192
155,576
143,309
128,076
125,395
101,168

105,206
121,633
111,586
130,944
121,417
125,582
111,635
103,546
74,725
78,384
72,427
71,682
1,228,767

14
9
0
18
0
0
11
0
186
13
11
0
262

187,346
204,217
200,855
225,809
239,598
272,782
262,838
259,122
218,220
206,473
197,822
172,850
1,311,155

94,875
84,680
92,785
81,221
84,295
82,993
82,634
99,761
76,009
73,251
75,457
67,815
995,776

9,896
30,268
13,223
26,407
8,103
38,597
24,628
16,052
14,135
7,827
21,197
10,903
221,236

104,771
114,948
106,008
107,628
92,398
121,590
107,262
115,813
90,144
81,078
96,654
78,718
1,217,012

82,575
89,269
94,847
118,181
147,200
151,192
155,576
143,309
128,076
125,395
101,168
94,132

1996/97
October
November
December
January
February
March
April
May
June
July
August
September
Total

94,132
97,481
102,457
106,110
120,917
133,673
137,456
131,745
116,141
103,439
85,906
78,000

98,948
114,821
115,867
123,886
114,762
114,662
103,709
109,757
86,899
85,869
80,601
66,007
1,215,788

0
0
0
0
52
0
11
0
11
4
173
0
252

193,080
212,302
218,324
229,996
235,731
248,335
241,176
241,502
203,051
189,312
166,680
144,007
1,310,172

83,073
99,500
99,069
83,357
75,223
88,232
87,201
95,042
90,077
78,199
63,963
68,681
1,011,618

12,526
10,345
13,145
25,722
26,835
22,647
22,230
30,319
9,535
25,207
24,717
8,919
232,147

95,599
109,845
112,214
109,079
102,058
110,879
109,431
125,361
99,612
103,406
88,680
77,600
1,243,765

97,481
102,457
106,110
120,917
133,673
137,456
131,745
116,141
103,439
85,906
78,000
66,407

1997/98
October
November
December
January
February
March
April
May
June
July
August

---_._-...

50

95,578
68,588
0
164,166
80,227
15,351
66,407
97,759
78,257
102,474
86,435
68,588
120,321
0
188,909
24,217
100,736
19
206,050
92,572
8,164
105,314
86,435
119,596
83,923
24,003
107,926
133,771
105,314
136,356
27
241,697
103,667
12
244,907
88,590
15,077
141,240
133,771
111,124
99,888
116,038
140,739
0
256,777
16,150
141,240
115,537
70,720
93,593
159,822
112,676
0
253,415
22,874
140,739
84,707
20,791
105,498
150,404
159,822
96,080
0
255,902
83,834
106,828
130,886
150,404
87,310
0
237,714
22,994
100,886
0
219,653
85,538
15,348
118,767
130,886
88,767
79,860
94,252
102,347
0
196,599
14,392
118,767
77,832
.. ..--.... .. ........... ..............-.............................. - .....................__.._-_ .._------------------------------_ ...._--..---.. _.._---_ .... _---------_ ...... _--_ ........ _-_ ...... _.. ----_ ..- .. ---- .. -----... _-_ ... __....

__ _ _ _ -_

Oil Crops Situation and Outlook/OCS-1998/0ctober 1998

Economic Research Service/USDA

Table 32--Coltonseed: Products and prices, by month,


U.S. , 1992/93- 1997/98

Year
beginning
October 1

Meal
average,
Memphis
(solvent)

Average
received
by farmers

-----------------$/ton------------------

Average,
crude,
Miss.
Valley 1/
Cents/lb.

1992/93
October
November
December
January
February
March
April
May
June
July
August
September

90.00
107.00
107.00
112.00
116.00
N.A.
NA
NA
NA
N.A.
111.00
106.00

154.40
157.50
174.50
164.40
149.40
153.50
149.00
143.10
153.00
170.30
178.50
193.75

22.17
22.96
23.91
24.09
22.03
22.24
22.55
22.70
26.76
30.74
30.45
28.98

1993/94
October
November
December
January
February
March
April
May
June
July
August
September

107.00
116.00
115.00
122.00
95.00
NA
NA
NA
NA
NA
89.00
101.00

173.10
181.00
180.00
170.30
173.10
174.00
166.25
157.75
154.10
152.50
144.50
145.00

24.79
26.53
30.39
33.16
29.96
29.60
29.10
29.66
27.55
24.29
23.71
2451

1994/95
October
November
December
January
February
March
April
May
June
July
August
September

96.00
107.00
104.00
101.00
97.00
N.A.
N.A.
NA
NA
N.A.
100.00
100.00

134.40
120.50
114.20
106.75
97.50
100.30
98.10
9275
108.75
116.90
116.50
137.60

27.81
30.72
31.83
28.70
29.95
27.14
27.61
27.51
30.04
30.63
30.26
28.61

1995/96
October
November
December
January
February
March
April
May
June
July
August
September

99.00
114.00
116.00
107.00
117.00
N.A.
N.A.
N.A.
NA
NA
118.00
134.00

153.25
165.00
185.80
208.80
202.80
195.60
220.00
191.25
192.20
201.56
19310
193.13

27.61
2627
26.10
24.45
24.35
24.25
26.77
28.46
27.94
28.25
27.81
26.13

1996/97
October
November
December
January
February
March
April
May
June
July
August
September

127.00
114.00
133.00
132.00
12800
NA
N.A.
N.A.
NA
NA
112.00
113.00

183.25
196.60
224.50
207.20
183.75
189.10
189.10
193.75
190.30
170.75
176.25
192.00

24.56
2428
24.29
25.21
25.44
26.18
25.10
25.19
2501
2653
27.11
28.03

1997/98
October
November
December
January
February
March
April
May
June
July
August
September

119.00
124.00
122.00
12200
10800
NA
N.A.
N.A.
NA
NA
113.00
113.00

189.10
18910
190.50
153.10
139.10
128.70
116.25
105.00
129.40
146.65
130.30
115.63

28.47
29.11
26.78
27.69
29.37
30.46
32.47
33.13
30.22
29.40
30.11
33.26

w ______________________ ______________________________ - - - - - - - - - - - - - - - - - - - - - -

NA = Not available.
11 PBSY, basis Greenwood, MS

Economic Research Service/USDA

Oil Crops Situation and Outlook/OCS-1998/0ctober 1998

51

Table 33Sunflowerseed: Acreage planted, harvested, yield, production,


and value, U.S., 1965/661998/99

--_.._--------------------------...-----------------------------------------------------------Value 1/
Yield Production
Planted Harvested
Year
_._ ......-------_................_......----....---_..__.......-......_....-............-........_----------- .........--_.............--1,000 acres
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997 2/
1998 3/

50
76
221
156
195
219
405
719
678
572
787
834
2,321
2,840
5,555
3,910
3,865
4,815
3,110
3,754
3,055
2,025
1,805
2,038
1,840
1,905
2,746
2,187
2,757
3,567
3,478
2,556
2,949
3,420

-_

46
73
216
151
185
207
392
692
666
548
709
810
2,205
2,798
5,410
3,683
3,811
4,724
3,063
3,692
2,844
1,955
1,775
1,921
1,786
1,851
2,673
2,043
2,486
3,430
3,368
2,499
2,852
3,307

Cwl
8.27
8.94
10.37
10.31
9.27
9.02
10.50
9.16
10.80
9.57
11.09
10.58
12.52
13.65
13.49
10.16
11.77
11.29
10.44
10.14
11.09
13.69
14.69
9.33
9.85
12.29
13.52
12.55
10.35
14.10
11.90
14.35
13.20
14.00

1,000 cwt $1,000


381
652
2,240
1,557
1,714
1,867
4,117
6,336
7,191
5,247
7,860
8,571
27,605
38,179
72,961
37,416
44,874
53,328
31,985
37,445
31,530
26,758
26,082
17,920
17,598
22,744
36,130
25,650
25,720
48,362
40,093
35,870
37,634
46,289

N.A.
N.A.
NA
NA
N.A.
NA
N.A.
N.A.
NA
NA
84,962
94,229
280,428
409,923
659,962
413,907
485,358
473,454
418,764
415,584
251,505
185,119
217,618
208,875
190,452
245,754
316,847
254,258
332,000
512,751
457,575
417,910
445,963
479,087

......_----_.._ .............._-_..._--------- .. ..............._------_ .._---------------.. --------------------------N.A. = Not available.


1/Values are for North Dakota and Minnesota through 1976. South
Dakota and Texas were added in 1977, and Kansas in 1989. Starting in 1991,
values represent national production. 2/ Preliminary. 3/ Forecast.

Table 34-Sunflowerseed: Supply, disappearance, and price, U.S., 1977/781998/99

- ....------...--...-......- ...............---..--------..--....-....-....- ......------------...-- ..--...................--------------....-..-........--- ..-----------------.......-----------------------.........---------Supply


Disappearance
Price
_ .-.__..._........_..._.--........-. Ending -----------...--.......
Imports
Beginning Production
Total
Average
Crush Nonoil Exports Total
stocks
received
stocks
use +
by farmers
seed
_ ............_------_........__......._._..._._--------_ ... _......_--------------------------------------------------------------------------------------------------------------$/mt
-----------1,000 metric tons---------Year
beginning
September
1

1,279
1,330
1977
23
3
1,356
118
219
942
77
224
1978
77
1,823
7
1,907
159
1,366
1,817
292
90
236
1979
90
3,310
3,410
1,820
2,514
10
547
147
896
200
1980
896
1,697
28
2,621
154
1,505
2,439
780
182
245
182
2,035
1981
32
2,249
177
1,555
2,106
374
143
238
1982
143
2,419
40
2,602
191
1,348
2,305
766
297
199
1983
297
1,451
1,747
31
1,779
590
113
1,044
32
287
1,686
1984
32
1,698
26
1,757
567
128
991
71
249
71
1,430
1,527
1,315
1985
26
674
276
365
212
175
1986
212
1,214
8
1,434
1,181
635
242
304
253
152
1987
253
1,183
10
1,446
79
1,249
900
270
197
184
1988
197
1,035
813
25
575
294
956
87
79
267
1989
80
798
20
898
546
230
873
96
25
234
1990
25
1,031
40
1,096
294
1,008
593
88
240
121
1,639
1991
88
75
1,803
1,541
952
425
163
262
192
1992
262
1,163
1,404
47
1,473
363
923
118
69
215
1,189
1993
69
1,167
25
1,260
661
429
99
71
284
2,194
42
2,306
1,313
2,203
71
1994
604
287
236
103
1,943
1,738
1995
103
1,819
915
598
224
21
205
254
1996
205
1,627
661
18
1,850
1,654
844
149
196
258
1997 1/
196
1,707
1,933
1,061
592
1,841
30
189
92
261
1998 2/
92
2,100
38
2,230
1,193
2,125
730
202
234-260
105
......._-_.._.._----- ......_..... _------------ .. _----------------_ .. _-------------------------------------------------.._----------_.._.... _------------_.. _- .. _------------------------1/ Preliminary. 2/ Forecast.

52

Oil Crops Situation and Outlook/OCS-1998/0ctober 1998

Economic Research Service/USDA

Table 35--Sunflowerseed meal: Supply, disappearance, and price, U.S., 1977n8-1998/99


..__........................_------_ ..................... ..... ----_ ......----_........... -----_ ... ------------------------------------------------------------------------------------------

_-

Year
beginning
October 1
........... __..............-_.......

Disappearance
Supply
---------------------------------------------------- ------------------------------------------------- Ending
Beginning Production
Total
Domestic
Exports
Total
stocks
stocks
11

Price
-------------------

Average,
28 percent
protein

_-----......----_.........------ .....-------- .........------_.....-----......_..------_....-------------------------------------------------------------..------------------------------------------------------------------1 ,000 metric tons-------------------------------

1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
19972/

NA
4
4
4
3
4
5
5
5
5
5
4
3
5
5
6
2
5
5
5
5
5

199831

131
180
359
439
201
434
265
321
357
305
426
291
264
293
498

440
327
653
458

131
184
363

127
180
359

443

440

204
438
270
326
362
310
431
302
280
316
510
451
332
658
463

200
433
240
307
313
269
381
293
272
306
451
401
291
565
433
419
500
567

440

445

513
590

517
594

NA
NA
NA
NA
NA
NA
25
14
44
36
46
6
3
5
53

48
37
89
25
21
13
23

127
180
359
440
200
433
265
321
357
305
427
299
275
311
503
449
328
655
458

$/mt

4
4
4
3
4
5
5
5
5
5
4
3
5
5
6
2
5
5
5
5
5
5

440
513
590

NA
102
106
122
117
112
123
58
76
84
109
135
111
97
85
98
104
72
136
122
90
44-66

NA = Not available.
11 Total supply includes imports. 2/ Preliminary. 31 Forecast.

Table 36--Sunflowerseed oil: Supply, disappearance, and price, U.S., 1977n8-1998/99


..-_.......... --_....... ..---_........- ... ----_.... -----_ .........-----_ ... ------_....... ------------------...-------------------------------------------------------------------------

Year
beginning
October 1

-_

Supply
Disappearance
----------------------------------------------------- ------------------------------------------------- Ending
Beginning
Production
Total
Domestic
Exports
Total
stocks
stocks
11

Price

------------- ...----Average,
crude
Minneapolis

...........----_...... _----_............---_ ......._----_.....------_ ...... -----_ ..... ------------------ .. -------_.... --------_ .. ----------------------------------------------------

---.----------------_.-----------------------------------------1 ,000 metric tons------------------------------1977


1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
19972/

NA

199831
N.A.

3
7
73
41
12
43
6
30
25
51
71
37
17
21
45
25
29
37
67
42
34

86
115
224
298
137
303
204
219
265
266
377
235
215
243
413
331
263
528
390
385
449
522

86
118
231
371
178
315
247
225
295
291
430
306
254
275
438
376
292
558
428
462
502
565

49
70
72
29
63
43
53
65
65
84
40
57
78
91
179
85
59
78
76
98
98
107

34
41
86
301
103
229
188
130
205
156
319
212
159
163
214
266
204

444
285
322
370
415

83
111
158
330
166
272
241
195
270
240
359
269
238
254
393
351
263
521
361
420
468
522

3
7
73
41
12
43
6
30
25
51
71
37
17
21
45
25
29
37
67
42
34
43

$/mt
NA
728
575
594
550
495
741
661
421
353
520
500
538
520
476
558
683
622
560
497
608
601-667

= Not available.

11 Total supply includes imports. 2/ Preliminary. 31 Forecast.

Economic Research Service/USDA

Oil Crops Situation and Outiook/OCS-1998/0ctober 1998

53

Table 37--Canola seed: Supply and disappearance, U.S., 1988/89 - 1998/99


Disappearance

Supply
Year
beginning
June 1

Imports

Beginning Production
stocks

Total

Total
1/

Crush Exports

Ending
stocks

----------------------------------------------------------------------------------------------------------------------------------

Million pounds
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998

2
3
21
32
13
10
95
34
88
80
42

2/
3/

39
95
97
191
144
252
447
548
479
914
1,433

37
231
141
2
27
773
630
558
570
782
606

78
329
259
225
184
1,036
1,173
1,140
1,137
1,776
2,081

68
287
187
109
59
850
899
899
866
1,427
1,551

4
10
32
97
104
78
227
138
173
277
386

72
297
219
212
174
940
1,139
1,052
1,057
1,734
1,972

3
21
32
13
10
95
34
88
80
42
109

1/ Includes planting seed and residual. 2/ Preliminary. 3/ Forecast.

Table 38--Canola oil: Supply and disappearance, U.S., 1988/89-1998/99


Supply

Disappearance

Year
beginning
June 1

Beginning Production
stocks

---..............._----- ...-

.... .. _------------...---------------------------------------------------------------------------------------------

Imports

Total

Crush Exports

Total
1/

Ending
stocks

Million pounds
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998

2/
3/

29
20
24
41
71
67
137
54
79
66
77

54
130
18
32
49
406
299
355
341
485
561

430
391
583
815
861
902
938
1,086
1,075
1,127
1,324

513
541
625
888
981
1,375
1,374
1,496
1,495
1,678
1,962

486
510
577
801
898
1,228
1,165
1,270
1,429
1,290
1,510

8
6
7
15
16
76
153
147
0
311
364

494
516
584
816
914
1,304
1,318
1,417
1,429
1,601
1,874

20
24
41
71
67
137
54
79
66
77
88

1/ Includes planting seed and residual. 2/ Preliminary. 3/ Forecast.

Table 39--Canola meal: Supply and disappearance, U.S., 1988/89-1998/99


Supply
Year
beginning
June 1

Beginning Production
stocks

Disappearance

Imports

Total

Crush Exports

Total
1/

350
340
389
641
642
1,102
1,051
1,291
1,213
1,805
1,946

351
349
389
641
642
1,102
1,051
1,293
1,223
1,816
1,959

Ending
stocks

1,000 S.t.
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998

2/
3/

4
3
6
6
6
6
6
6
6
6
6

42
101
14
19
39
322
236
281
269
383
444

308
251
375
621
603
780
815
1,013
954
1,433
1,516

354
355
395
646
647
1,108
1,057
1,299
1,229
1,822
1,965

1
9
0
0
0
0
0
2
10
11
13

3
6
6
6
6
6
6
6
6
6
6

1/ Includes planting seed and residual. 2/ Preliminary. 3/ Forecast.

54

Oil Crops Situation and Outlook/OCS-1998/0ctober 1998

Economic Research Service/USDA

Table 40--Fats and oils used in edible products, by use, U.S., 1989/90-1997/98 1/
----------------------------------------------------------------------------------------------------------------------------------------------------------------------1992/93
1993/94
1994/95
1995/96
1996/97
1990/91 1991/92
Year beginning October 1 1989/90
----------------------------------------------------------------------------------------------------------------------------------------------------------------------Coconut oil:
169
202
234
247
221
120
164
161
Total edible
Corn oil:
304
411
241
86
100
82
73
Baking or frying fats
D
D
79
68
195
185
D
D
Margarine
218
659
413
446
434
386
Salad or cooking oil
589
565
547
649
636
595
Total edible
1,129
1,143
1,085
945
527
Cottonseed oil:
271
Baking or frying fats
235
272
247
238
217
217
218
D
27
Margarine
D
25
D
D
D
D
Salad or cooking oil
438
375
353
289
262
235
507
265
Other edible
33
D
39
D
D
D
D
D
Total edible
801
777
685
640
558
532
497
556
Lard:
306
266
299
255
Baking or frying fats
275
277
274
251
39
43
Margarine 2/
29
39
30
39
33
15
Total edible
304
314
337
302
288
346
297
268
Palm oil:
Baking or frying fats
124
D
D
D
D
D
D
D
Total edible
94
98
99
83
87
D
D
D
Peanut oil:
D
Salad or cooking oil
152
129
169
165
D
D
D
Total edible
167
D
D
D
D
108
129
138
Edible rapeseed oil:
Salad and cooking oil
D
D
D
D
304
244
217
273
Total edible
266
318
339
375
431
337
319
390
Soybean oil:
Baking or frying fats
3,934
4,090
4,091
4,465
4,773
4,714
4,702
4,578
Margarine
1,754
1,811
1,911
1,970
1,840
1,693
1,699
1,667
Salad or cooking oil
4,726
4,693
4,961
4,717
4,999
5,546
5,317
6,119
Other edible
124
130
148
254
221
222
159
68
Total edible
10,537
10,722
11,112
11,505
11,832
12,175
11,877
12,432
Sunflower oil:
Total edible & inedible
61
166
145
129
D
D
90
101
Tallow, edible:
Baking or frying fats
703
498
437
405
409
374
335
321
Total edible
706
501
440
408
D
382
341
327
Total fats and oils:
Baking or frying fats
5,724
5,793
5,702
5,960
6,138
6,063
5,969
5,742
Margarine
2,117
2,168
2,173
2,186
2,068
1,863
1,835
1,759
Salad or cooking oil
6,262
6,222
6,536
6,374
6,333
6,883
6,507
7,388
Other edible
290
368
351
439
436
428
395
290
Total edible
14,383
14,491
14,765
14,959
14,975
15,238
14,706
15,179
----------------------------------------------------------------------------------------------------------------------------------------------------------------------See footnotes at end of table.
Continued--

Economic Research Service/USDA

Oil Crops Situation and Outlook/OCS-1998/0ctober 1998

55

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Table 4O-Fats and oils used in edible products, by use, U.S., 1989/90-1997/981/ (cont.)

D
27,151
36,635
4,786

D
25,367
35,850
4,785
4,760

D
24,850
34,230

D
9,309

D
D

23,670
1,389
D
24,859

17,407
D
15,183
D
33,974

6,008
7,079
31,163
44,250

11,139

Dec

4,760

D
21,749
31,076

D
11,559

D
D

18,487
1,567
D
19,939

16,276
D
17,645
D
34,932

4,955
5,094
21,659
31,708

8,300

Jan

Mar

24,563
25,166

8,340
23,582
24,000

9,657

22,178
22,971

7,447

D
27,341
37,771

D
8,927

D
D

22,997
1,302
D
24,214

16,002
D
12,363
D
30,606

4,536
5,223
34,272
44,031

13,248

1,000 pounds

D
24,455
34,470

D
11,565

D
D

20,141
1,715
D
21,711

15,189
D
11,422
D
28,794

4,485
4,142
31,076
39,703

11,229

Apr

D
35,862
44,559

D
9,843

D
D

19,665
1,543
D
21,150

18,775
D
18,040
D
39,144

4,528
3,778
31,187
39,493

12,814

May

D
29,020
38,811

D
9,620

D
D

22,221
1,444
D
23,554

18,045
D
15,924
D
36,019

D
D
37,554
46,814

14,834

June

D
40,508
49,551

D
8,658

D
D

22,353
1,642
D
23,798

17,311
D
16,116
D
35,373

D
D
27,676
35,910

10,587

July

23,852

D
316,307
420,830

D
34,041
42,253
D

D
110,970

D
D

250,552
15,000
D
263,134

187,259
D
171,243
D
378,765

42,457
39,154
338,931
445,700

124,937

Oct. 1997Aug. 1998

D
9,420

D
D

21,698
1,226
D
22,804

14,122
D
17,974
D
34,252

D
D
31,659
39,323

12,132

Aug

20,176
20,658

6,568

21,723
22,205

9,171

21,204
21,601

8,620

20,772
21,319

14,672

19,545
20,116

8,653

21,627
22,176

7,444

22,688
22,998

14,022

243,981
249,601

103,526

333,922 406,477 396,264 401,931


390,430 393,292 409,144 4,247,493
125,773 147,589 126,322 121,626 125,446 119,048 131,013 1,474,734
518,860 520,969 491,214 530,163 498,901 494,107 504,937 5,673,803
64,717
7,613
7,707
5,862
7,069
3,604
7,697
6,967
982,159 1,082,732 1,020,767 1,061,333 1,022,484 1,012,309 1,052,163 11,460,747

4,761

D
25,963
35,624

D
8,407

D
D

23,653
1,090
D
23,653

15,764
D
15,576
D
32,972

4,139
4,077
33,894
42,110

10,489

Feb

522,168 475,877 461,235 428,807 417,418 489,884 473,920 482,540 471,581


474,480 485,700 5,183,610
163,829 148,144 163,796 132,161
125,376 136,770 1,549,258
131,939 154,865 132,948 127,659 131,771
645,190 604,836 601,674 621,187 6,802,710
617,210 654,093 627,237 615,856 611,819 618,897 584,711
26,033
35,525
25,675
29,083
306,420
23,970
27,021
24,941
22,817
34,064
27,734
29,557
1,329,240 1,302,084 1,279,289 1,201,765 1,183,993 1,297,710 1,218,953 1,284,946 1,243,713 1,227,205 1,272,740 13,841,638

25,923
26,391

8,932

419,757 377,191
369,929 349,156
156,574 141,850 154,572 124,921
517,798 547,871
525,626 523,357
5,200
3,598
4,600
4,800
1,099,329 1,071,512 1,054,927 1,001,032

D
12,978

D
D

27,864
1,041
D
28,737

18,554
D
17,294
D
37,379

6,690
4,419
29,625
40,734

9,450

D
10,684

D
D

27,803
1,041
D
28,715

19,814
D
13,706
D
35,320

7,116
5,342
29,166
41,624

10,715

Nov

D =Withheld to avoid disclosing figures for individual companies.


1/ From Bureau of the Census. 2/lncludes lard and edible tallow.

---------------------------------------------------------------------_.. _--------------------------------------------------------- .. --------------------------------------------------------------------------

1997/98
Coconut oil:
Total edible
Com oil:
Baking or frying fats
Margarine
Salad or cooking oil
Total edible
Cottonseed oil:
Baking or frying fats
Margarine
Salad or cooking oil
Other edible
Total edible
Lard:
Baking or frying fats
Margarine 2/
Other edible
Total edible
Palm oil:
Baking or frying fats
Total edible
Peanut oil:
Salad or cooking oil
Total edible
Edible rapeseed oil:
Baking or frying fats
Salad or cooking oil
Total edible
Safflower oil:
Consumption, total
Soybean oil:
Baking or frying fats
Margarine
Salad or cooking oil
Other edible
Total edible
Sunflower oil:
Total edible & inedible
Tallow, edible:
Baking or frying fats
Total edible
Total fats and oils
used in edible product:
Baking or frying fats
Margarine
Salad or cooking oil
Other edible
Total edible

Oct

-.----------------------...._-----------------------

-.,J

01

co
co
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co

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Feb.

..

..

..
..
..
..
..

..

..
..

1982=100

..

..

88.6
100.2

102.4
230.0
58.7
88.1
115.0

56.3
109.0

54.6
68.8

94.2
192.6

103.8
235.4
59.8
94.5
115.2

57.6
111.5

55.8
71.0

150.0
124.5
161.9
172.9
98.8

160.0
132.5
172.3
183.8
106.0

$Iton

53.50
23.69
23.57
20.19
40.00
49.45
13.94
46.00
82.25
54.50
20.27
22.25
14.50
41.00

117.00
7.69
NA.
5.56
11.10

54.50
24.31
22.61
19.95
40.00
48.25
15.14
43.25
81.75
54.50
19.28
21.42
14.87
41.00

120.00
7.24
30.80
5.65
10.20

Jan.

Ct./lb.

..
..

$/ton
$/bu.
Ct./lb.
$/bu.
$/cwt

Unit

Mar.

Apr.

90.4
113.7

99.0
159.5
62.9
90.2
114.9

56.6
123.0

58.1
75.1

146.3
126.3
165.1
176.4
85.0

52.60
22.10
24.96
22.88
41.60
40.66
14.53
43.40
82.23
59.00
22.80
25.06
14.47
41.00

N.A.
8.03
N.A.
5.65
11.00

86.3
113.9

103.3
259.2
63.1
85.3
116.6

55.9
123.1

57.8
74.4

150.0
133.8
165.4
178.0
88.8

52.00
21.63
26.05
22.83
42.00
51.02
14.68
41.25
82.25
62.00
23.35
25.25
13.77
59.00

N.A.
8.60
N.A.
5.82
11.40

...

May

88.4
125.5

94.7
283.3
64.3
87.1
122.0

52.5
135.2

58.9
79.4

155.0
143.0
176.2
189.4
102.0

51.20
21.15
24.99
26.90
42.00
54.67
13.91
45.25
82.25
62.00
24.72
27.05
13.66
59.00

N.A.
8.23
NA.
5.97
12.00

89.8
128.7

103.4
290.6
66.0
88.7
122.0

53.7
138.7

60.4
81.6

147.5
142.5
169.1
182.0
108.8

51.00
20.31
26.56
26.94
43.00
60.37
14.98
46.90
82.25
57.25
25.03
27.28
N.A.
58.25

N.A.
8.31
N.A.
5.88
12.80

June

89.0
126.0

109.5
284.7
66.0
87.7
122.0

55.0
135.7

60.3
80.4

161.5
136.0
171.3
183.9
90.0

51.00
19.16
25.09
26.00
44.00
60.57
14.16
46.88
82.25
52.50
24.69
27.36
13.50
58.00

N.A.
7.56
NA.
5.97
12.50

July

-_ -----------

1990

83.3
126.4

107.8
284.4
65.1
82.0
115.1

53.1
135.8

59.5
79.3

169.5
126.3
172.4
186.8
85.0

51.00
18.58
28.49
24.60
40.40
59.24
15.04
49.05
82.25
52.50
25.05
27.61
10.12
58.00

123.00
5.86
26.50
6.00
13.70

Aug.

82.1
124.5

96.1
280.1
64.9
82.0
103.7

52.8
133.5

58.7
77.7

178.8
116.3
176.9
190.0
85.0

45.00
18.26
28.00
24.88
39.75
57.63
14.63
51.13
79.25
52.50
24.45
26.00
12.00
58.00

112.00
5.36
32.00
5.99
11.80

Sept.

88.0
115.2

103.2
260.4
62.2
88.7
103.7

54.2
124.0

57.3
75.0

163.0
133.0
172.5
185.4
82.0

43.40
18.18
26.61
24.80
36.80
56.19
15.21
48.13
77.25
52.50
22.59
23.58
13.42
55.50

122.00
5.15
34.00
5.88
10.90

Oct.

Nov.

Dec.

89.5
105.0

112.9
238.6
59.3
90.5
103.7

55.3
113.4

55.2
71.2

147.5
143.8
163.8
174.3
78.8

39.63
20.45
24.24
24.19
36.00
55.90
16.24
44.20
77.25
52.50
21.05
22.25
14.09
62.00

126.00
5.16
40.10
5.78
10.30

91.5
111.2

117.7
251.7
61.2
92.8
103.7

56.6
119.5

56.9
74.3

141.3
133.5
164.8
175.9
86.9

39.63
20.13
22.15
24.75
36.00
57.31
15.73
43.00
81.00
51.00
21.55
23.13
14.75
70.00

121.00
5.15
43.60
5.72
10.70

--------

-----------------------

Continued--

-----------...---------------------------------------------------....-------------------------------------------------------------------------------_..._-----------------------------------------------------..----

Received by farmers, U.S.


Cottonseed
Flaxseed
Peanuts
Soybeans
Sunflowerseed
Fats and oils:
Wholesale
Castor oil, No.1, Brazilian tanks, imported, N.Y.
Coconut oil, crude, tank cars, N.Y.
Corn oil, crude, tank cars, t.o.b. Decatur
Cottonseed oil, crude, tank cars, t.o.b. Valley Points
Linseed oil, raw, tank cars, Minneapolis
Margarine, yellow, quarters, t.o.b. Chicago
Palm oil, refined, c.iJ., bulk, U.S. ports
Peanut oil, crude, tank cars t.o.b. Southeastern mills
Rapeseed oil, refined, denatured, tanks, N.Y.
Safflower oil, tanks, N.Y.
Soybean oil, crude, tank cars, t.o.b. Decatur
Sunflower oil, crude Minneapolis
Tallow, inedible, number 1, delivered, Chicago
Tung oil, imported, drums, t.o.b. N.Y.
Oilmeals:
Cottonseed meal, 41 percent protein, solvent, Memphis
Linseed meal, 36 percent protein, Minneapolis
Soybean meal, 44 percent protein, Decatur
Soybean meal, 49-50 percent protein, Decatur
Sunflower meal, 28 percent protein
Index Numbers:
All fats and oils
All fats and oils, except butter
Group by origin:
Animal fats
Vegetable oils, domestic
Group by use:
Lard, refined
Edible tats and oils except butter and lard
Edible fats and oils including butter
Soap tats
Drying oils
Other industrial:
All industrial
Crude

Item

----------------------------Oilseeds:

---------------

Table 41-Prices: Farm, wholesale, and index numbers otwholesale prices, by month, U.S. ,1990-1998

- - - - - - - - - - - - - - - - - - - - - - - - -...._ - - - - - - - - - - - - - - - - - - - - - - - - - -

cC/)

Q?.

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C/)
CD

::::l"

CD
Ql

en

CD

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<0

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8'

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<0

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01

-----~--------

1991

--------------_.._-----------------------------------------------------------------

.._---------------------------------------- ..--------...._------.._-----..__..--------------_.._------------ ..-------_.._------.... _-------_......-

Continued--

------_.------------------.------------------------------------------------------------------------.------------------------------------------------------------------------------------------------------------------------------------------------------------------

Dec.
Sept.
Oct.
Nov.
Item
June
July
Aug.
Unit
Jan.
Feb.
Mar.
Apr.
May
--------------------------------------------_.. _-------------------...------------_.._------------------------_......---......- -......----------------....---Oilseeds:
Received by farmers, U.S.
74.00
67.00
69.00
71.00
Cottonseed
80.00
$lton
122.00 134.00 N.A.
N.A.
N.A.
N.A.
N.A.
3.31
3.46
3.55
3.40
3.69
Flaxseed
5.12
4.66
4.33
3.98
3.91
$/bu.
4.80
4.90
25.10
30.40
29.30
28.10
24.40
Peanuts
39.70
N.A.
NA
Ct.llb.
N.A.
N.A.
N.A.
N.A.
5.66
5.64
5.48
5.48
5.45
Soybeans
5.67
5.56
5.36
$/bu.
5.71
5.65
5.76
5.77
8.41
8.46
8.40
8.24
10.90
11.30
Sunflowerseed
10.80
11.10
11.40
11.30
10.70
$/cwt
11.30
Fats and oils:
Wholesale
37.50
35.00
35.00
35.40
35.00
37.00
36.50
35.50
Castor oil, No.1, Brazilian tanks, imported, N.Y.
Ct.llb.
39.30
36.00
36.75
37.00
25.63
25.63
28.50
31.50
32.38
19.69
21.69
26.19
Coconut oil, crude, tank cars, N.Y.
20.22
20.31
20.50
19.38
29.55
28.50
27.75
27.25
28.75
29.61
29.76
Corn oil, crude, tank cars, f.o.b. Decatur
25.89
27.29
28.50
28.98
28.87
"
17.41
18.07
17.98
20.67
20.31
20.50
21.00
19.88
Cottonseed oil, crude, tank cars, f.o.b. Valley Points
23.75
22.88
23.00
22.13
"
36.00
30.00
30.00
30.00
36.50
36.00
36.00
36.00
Linseed oil, raw, tank cars, Minneapolis
36.00
36.00
36.00
36.00
56.34
55.84
38.88
56.28
57.26
56.84
57.22
Margarine, yellow, quarters, f.o.b. Chicago
57.85
57.29
57.85
57.17
56.42
18.86
20.63
21.63
18.99
19.05
19.40
20.32
19.14
Palm oil, refined, c.iJ., bulk, U.S. ports
19.49
19.50
19.25
19.18
"
35.33
30.66
34.33
27.67
23.50
43.33
42.25
41.50
Peanut oil, crude, tank cars f.o.b. Southeastern mills
"
41.00
42.83
47.60
46.75
82.25
82.25
82.25
82.25
82.25
Rapeseed oil, refined, denatured, tanks, N.Y.
82.25
82.25
82.25
82.25
82.25
82.25
82.25
49.00
49.00
49.00
49.00
49.00
49.00
49.00
Safflower oil, tanks, N.Y.
51.50
49.00
49.00
49.00
49.00
"
20.23
20.46
19.57
18.78
18.99
21.50
20.23
19.65
19.05
Soybean oil, crude, tank cars, f.o.b. Decatur
21.56
21.66
22.21
"
23.24
23.69
23.63
20.95
21.00
Sunflower oil, crude Minneapolis
24.28
23.55
23.71
23.54
24.06
23.81
24.78
"
13.50
13.68
13.08
12.50
12.96
14.00
Tallow, inedible, number 1, delivered, Chicago
13.88
14.28
14.43
14.80
13.02
12.36
61.00
61.00
61.00
61.00
70.00
Tung oil, imported, drums, f.o.b. N.Y.
63.00
63.00
61.50
61.00
"
70.00
63.00
61.50
Oilmeals:
Cottonseed meal, 41 percent protein, solvent, Memphis
$lton
125.00 118.10 125.00 122.00 181.10 117.20 127.50 130.90 133.10 131.00 144.40 162.00
Linseed meal, 36 percent protein, Minneapolis
131.00 131.25 120.00 121.00 121.00 134.25 133.00 131.25 116.25 128.00 133.75 127.80
153.70 163.50 165.75 171.50 171.00 171.10 169.70 177.60 191.90 183.00 178.00 170.70
Soybean meal, 44 percent protein, Decatur
"
Soybean meal, 49-50 percent protein, Decatur
"
167.00 174.50 177.60 182.50 182.10 183.25 181.00 188.75 204.28 196.30 190.25 183.10
74.00
78.25
86.20
97.25
93.00
85.00
80.00
95.70
85.00
88.75
88.75
95.00
Sunflower meal, 28 percent protein
"
Index Numbers:
1982=100
53.1
51.9
54.3
52.6
51.60
53.80
53.60
56.0
55.7
56.0
55.2
52.9
All fats and oils
"
68.50
68.4
66.0
65.7
68.3
67.6
64.70
68.70
74.1
73.2
73.7
72.4
All fats and oils, except butter
Group by origin:
55.7
55.7
53.2
51.5
52.50
54.20
54.10
54.5
53.6
53.2
53.3
52.6
Animal fats
"
108.0
102.3
128.7
Vegetable oils, domestic
109.7 103.60 109.20 108.50
117.9
118.4
120.7
117.4
110.7
"
Group by use:
108.6
106.5
98.4
Lard, refined
110.0
103.2
98.5
98.50 104.50 103.30
108.1
107.8
107.9
183.1
191.7
181.5
Edible fats and oils except butter and lard
207.7
194.9
193.2 182.40 192.10 193.10
"
208.8
208.6
213.1
58.5
56.8
55.5
56.8
55.60
57.60
57.60
Edible fats and oils including butter
59.7
60.1
60.7
59.8
57.1
"
88.5
89.9
83.4
82.7
80.60
88.60
88.50
88.0
Soap fats
96.3
89.5
87.5
86.9
"
88.3
103.7
103.7 107.20 112.50
88.30
88.3
88.3
Drying oils
103.7
103.7
103.7
103.7
"
Other industrial:
86.20
86.3
87.4
85.8
All industrial
86.3
83.3
82.7
81.20
88.80
"
94.5
88.6
86.9
.
100.9
95.4
95.9
Crude
102.7
103.8
95.90 101.30 100.90
109.4
110.0
112.3
109.2

--------------------------------------------------

Table 41-Prices: Farm, wholesale, and index numbers of wholesale prices, by month, U.S., 1990-1998 (cont.)

-_....

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"
"

"

"

"
"

"

"
"

87.0
94.7

96.8
180.2
54.6
89.4
88.3
84.2
96.1

96.1
182.8
53.3
86.3
86.9

53.3
129.1

82.0
103.2

103.2
195.5
55.8
83.6
87.6

55.8
138.3

51.7
68.0

50.0
65.3

51.3
65.2

"
1982=100
"
"

"

52.6
127.3

124.25
115.00
174.20
185.90
60.60

143.10
124.00
174.30
185.40
62.00

156.25
122.00
172.70
184.00
68.75

$/ton
"
"

"
"
"
"
"
"

"

"
"
"
"
"

"

37.50
36.00
28.45
18.13
30.00
39.38
21.05
23.63
82.25
49.00
18.88
20.72
12.63
70.00
37.50
34.57
27.19
19.25
30.00
41.00
21.92
23.17
82.25
49.00
19.74
21.69
12.68
70.00

N.A.
3.52
N.A.
5.67
8.92

37.50
39.25
29.00
18.50
30.00
39.13
21.91
23.50
82.25
49.00
18.77
21.06
12.25
70.00

74.00
3.43
NA
5.59
8.96

Ct./lb.

71.00
3.39
N.A.
5.54
8.39

83.8
98.2

96.8
205.6
75.3
85.9
86.9

48.9
131.8

50.5
66.2

121.25
117.50
174.80
187.20
68.75

36.00
34.63
26.75
19.38
30.00
41.00
22.05
25.00
82.25
49.00
19.00
21.61
13.25
76.00

N.A.
3.53
N.A.
5.66
9.17

86.0
101.6

96.80
193.1
77.7
88.4
87.0

49.4
138.1

51.6
68.2

127.50
120.00
182.75
195.25
72.25

34.50
33.56
26.04
21.38
30.00
41.50
21.51
27.88
82.25
58.00
20.15
22.91
13.75
82.00

N.A.
3.61
N.A.
5.87
9.08

89.1
107.3

98.4
203.6
56.1
92.1
87.0

48.5
143.4

52.8
71.5

132.50
125.00
181.70
203.90
80.60

34.50
32.13
24.75
22.58
30.00
41.50
21.77
25.60
82.25
58.00
20.71
23.42
13.98
130.00

N.A.
3.67
N.A.
5.94
9.32

93.0
97.3

99.1
186.8
52.8
96.7
87.0

49.8
130.7

50.8
68.1

133.75
123.50
173.90
186.25
86.25

34.50
29.63
22.48
24.45
30.00
41.88
21.19
26.19
82.25
58.00
18.82
21.20
14.75
130.00

N.A.
3.70
N.A.
5.59
9.52

96.7
89.4

99.1
173.2
50.2
101.0
88.0

51.0
120.7

49.2
65.4

146.90
126.25
174.40
186.00
92.50

34.50
27.31
20.40
21.86
30.00
42.25
21.00
23.88
82.25
61.50
17.87
20.06
15.42
130.00

104.00
3.71
N.A.
5.40
9.70

97.4
92.8

110.6
178.8
52.2
101.7
88.7

52.5
124.5

50.8
67.3

163.00
131.00
175.10
187.00
91.00

34.00
27.88
21.00
21.04
32.00
42.25
21.50
22.00
67.25
72.00
18.28
21.67
15.25
132.00

90.00
4.12
31.30
5.36
8.87

99.3
91.5

110.6
176.9
51.8
102.7
96.4

52.6
123.6

103.5
96.1

113.6
185.9
53.6
107.8
95.3

53.9
129.5

52.6
70.3

157.50
152.50
170.90
181.90
95.00

154.40
141.25
168.60
180.60
86.25
50.8
67.2

34.00
27.00
20.60
22.96
32.00
1/
22.18
25.58
62.25
72.00
20.10
23.47
16.75
132.00

107.00
4.10
28.20
5.36
8.73

34.00
26.95
20.43
22.17
32.00
1/
21.86
23.63
62.25
72.00
18.36
22.03
15.94
131.50

90.00
4.09
29.90
5.26
9.12

100.2
401.9

114.4
196.4
55.6
104.4
92.2

53.2
136.6

53.7
72.3

174.50
137.40
176.40
187.60
86.25

34.00
25.50
20.75
23.91
32.00
1/
22.24
30.30
62.25
72.00
20.52
24.33
16.13
130.00

107.00
4.21
25.70
5.46
9.37

N.A. = Not available.


1/ Series discontinued as of October 1992.

Continued--

-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Oilseeds:
Received by farmers, U.S.
Cottonseed
Flaxseed
Peanuts
Soybeans
Sunflowerseed
Fats and oils:
Wholesale
Castor oil, No.1, Brazilian tanks, imported, N.Y.
Coconut oil, crude, tank cars, N.Y.
Corn oil, crude, tank cars, f.o.b. Decatur
Cottonseed oil, crude, tank cars, f.o.b. Valley Points
Linseed oil, raw, tank cars, Minneapolis
Margarine, yellow, quarters, f.o.b. Chicago 1/
Palm oil, refined, c.i.f., bulk, U.S. ports
Peanut oil, crude, tank cars f.o.b. Southeastern mills
Rapeseed oil, refined, denatured, tanks, N.Y.
Safflower oil, tanks, NY.
Soybean oil, crude, tank cars, f.o.b. Decatur
Sunflower oil, crude Minneapolis
Tallow, inedible, number 1, delivered, Chicago
Tung oil, imported, drums, f.o.b. NY.
Oilmeals:
Cottonseed meal, 41 percent protein, solvent, Memphis
Linseed meal, 36 percent protein, Minneapolis
Soybean meal, 44 percent protein, Decatur
Soybean meal, 49-50 percent protein, Decatur
Sunflower meal, 28 percent protein
Index Numbers:
All fats and oils
All fats and oils, except butter
Group by origin:
Animal fats
Vegetable oils, domestic
Group by use:
Lard, refined
Edible fats and oils except butter and lard
Edible fats and oils including butter
Soap fats
Drying oils
Other industrial:
All industrial
Crude

$/ton
$/bu.
Ct./lb.
$/bu.
$/cwt

---------------------------------------------------------------1992
--------------------Dec.
June
Sept.
Oct.
Nov.
Unit
Jan.
Feb.
Mar.
Apr.
May
July
Aug.
Item
------------------------------------------------------------------

Table 41-Prices: Farm, wholesale, and index numbers of wholesale prices, by month, U.S., 1990-1998 (cont.)

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Jan.

Feb.

Mar.

Apr.

May

June July

1993
Aug.

Sept.

--------Nov.
Dec.

Oct.

Oilseeds:
Received by farmers, U.S.
N.A.
N.A.
112.00 115.00 N.A.
NA
NA
111.00 110.00 115.00 123.00 115.00
Cottonseed
$lton
4.29
3.79
4.24
4.09
4.05
4.11
4.52
4.40
4.42
4.45
4.18
Flaxseed
$/bu.
4.46
31.90
28.20
29.50 N.A.
N.A.
N.A.
N.A.
NA
29.80
27.20
CtJlb.
NA
NA
Peanuts
5.65
5.81
5.90
6.56
6.56
6.21
6.01
6.32
6.64
$/bu.
5.58
5.56
5.73
Soybeans
14.20
11.60
13.00
10.00
10.50
11.00
10.80
11.10
10.80
12.00
13.30
11.20
Sunflowerseed
$/cwt
Fats and oils:
Wholesale
34.00
32.00
37.00
37.00
37.00
37.00
38.50
41.50
44.00
44.00
Ct.llb.
32.00
32.00
Castor oil, No.1, Brazilian tanks, imported, N.Y.
24.13
25.35
25.61
24.44
23.88
26.69
34.25
24.94
23.65
23.13
24.95
Coconut oil, crude, tank cars, N.Y.
24.38
20.75
20.67
22.23
22.25
23.06
26.93
20.75
20.87
20.79
20.80
20.60
21.50
Corn oil, crude, tank cars, wet mill Chicago
30.74
30.45
28.98
24.79
26.53
30.39
24.09
22.03
22.24
22.55
22.70
26.76
Cottonseed oil, crude, tank cars, f.o.b. Valley Points
32.00
32.00
32.00
32.00
32.00
32.00
32.00
32.00
32.00
32.00
32.00
28.50
Linseed oil, raw, tank cars, Minneapolis
21.95
20.31
19.84
19.43
18.83
19.74
21.90
23.18
23.09
22.99
22.26
21.01
Palm oil, refined, c.i.f., bUlk, U.S. ports
43.33
26.00
30.00
30.13
31.70
39.50
39.63
40.20
43.17
31.00
27.17
27.40
Peanut oil, crude, tank cars f.o.b. Southeastem mills
53.25
53.00
52.50
62.25
62.25
55.88
53.75
53.00
52.00
50.00
Rapeseed oil, refined, denatured, tanks, N.Y.
62.25
62.25
68.50
65.00
72.00
72.00
72.00
72.00
72.00
72.00
65.00
65.00
Safflower oil, tanks, N.Y.
72.00
72.00
21.15
24.13
23.46
20.93
22.98
25.37
21.23
21.00
21.24
21.30
28.09
Soybean oil, crude, tank cars, f.o.b. Decatur
21.40
24.69
24.84
25.50
28.72
28.83
28.00
26.33
28.20
32.11
24.58
24.47
24.94
Sunflower oil, crude Minneapolis
14.66
14.69
15.36
15.24
15.41
14.51
14.36
14.53
14.62
14.63
Tallow, inedible, number 1, delivered, Chicago
14.70
16.15
94.75
93.00
130.00 130.00 130.00 130.00 117.00 130.00 130.00 130.00 107.50 100.00
Tung oil, imported, drums, f.o.b. N.Y.
Oilmeals:
164.40 149.40 153.50 149.00 143.10 153.00 170.30 178.50 193.75 173.10 181.00 180.00
Cottonseed meal, 41 percent protein, solvent, Memphis
$lton
136.70 142.50 135.40 126.25 126.25 123.20 133.75 150.00 148.75 147.50 161.80 155.25
Linseed meal, 36 percent protein, Minneapolis
175.60 167.50 172.40 175.60 181.70 181.30 217.60 206.90 186.50 180.60 195.70 192.50
Soybean meal, 44 percent protein, Decatur
188.75 179.90 183.60 187.40 193.25 193.10 229.90 219.10 199.90 194.50 209.40 206.00
Soybean meal, 49-50 percent protein, Decatur
97.50
95.00
90.00
87.50
89.00
83.50
91.00
97.00
90.00
89.40
Sunflower meal, 28 percent protein
90.00
82.50
Index numbers:
1982=100
55.3
54.3
56.2
52.2
53.3
52.0
55.3
54.2
61.2
53.1
All fats and oils
52.0
53.2
75.9
74.5
72.6
70.8
71.0
72.3
72.6
70.0
76.3
74.4
77.7
86.2
All fats and oils, except butter
Group by origin:
49.3
50.8
49.7
51.5
51.0
49.6
49.9
49.4
49.7
49.9
50.1
51.2
Animal fats
139.5
153.1
148.9
157.3
139.4
135.9
137.9
139.6
134.2
152.5
148.2
180.9
Vegetable oils, domestic
Group by use:
111.5
124.0
117.0
112.4
120.1
118.0
120.9
116.6
120.9
112.8
112.5
114.8
Lard, refined
198.5
195.8
199.3
191.1
217.1
216.0
211.2
210.6
223.3
255.8
Edible fats and oils except butter and lard
193.8
198.8
59.0
57.6
54.9
52.2
55.3
55.6
54.2
58.6
57.6
60.0
66.5
Edible fats and oils including butter
54.0
95.0
94.7
96.1
103.2
99.3
97.5
100.8
100.3
98.1
97.6
97.7
94.6
Soap fats
95.0
94.6
94.0
93.7
94.6
95.1
94.3
94.6
94.6
94.6
94.0
92.7
Drying oils
Other industrial:
92.6
93.3
99.3
96.2
94.7
97.4
97.0
95.1
94.8
92.3
92.1
94.4
All industrial
104.0
101.2
104.1
100.0
114.9
114.2
111.5
111.0
117.9
136.6
Crude
101.2
104.1
......._--------------.._-------------.... .._------------........- ....._--------------...-..---.. ... ....... _-------------_ ......._-------------------_.._----------------------------_..- ....._------------...._---------ContinuedN.A. = Not available.

Item

------

Table 41-Prices: Farm, wholesale, and index numbers of wholesale prices, by month, U.S., 1990-1998 (cont.)

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Table 41-Prices: Farm, wholesale, and index numbers of wholesale prices, by month, 1990-1998

"

"

"

"

"

"
1982=100
"
"

"

"

"

97.2
141.8

112.4
264.8
66.5
101.1
91.7

47.7
187.5

61.5
88.8

170.30
140.25
185.90
198.30
97.00

$/ton

"

"

"

"

"
"

"

"

44.00
30.30
28.00
33.16
32.00
21.91
46.10
53.75
59.00
29.91
35.08
15.00
93.00

126.00
4.38
36.10
6.72
13.60

Ct.llb.

$/ton
$/bu.
Ct./lb.
$/bu.
$/cwt

97.3
138.8

110.5
259.9
65.5
101.2
91.8

47.9
183.3

60.8
87.6

173.10
136.25
184.40
198.40
98.75

41.75
29.69
29.89
29.96
32.00
21.67
46.12
53.75
59.00
28.84
33.68
15.00
79.25

97.00
4.61
N.A.
6.71
15.10

116.2
263.3
66.8
101.2
91.4

49.0
185.6

61.8
88.5

174.00
127.20
182.00
195.40
N.A.

41.00
27.31
30.30
29.60
32.00
21.72
44.50
53.75
59.00
29.03
33.48
15.22
78.00

NA4.64
N.A.
6.73
15.00

117.6
256.4
65.5
99.3
91.8

48.7
180.8

60.6
86.5

166.25
125.50
176.40
188.90
N.A.

41.00
28.19
29.63
29.06
32.00
23.08
43.40
53.75
59.00
27.94
33.00
15.19
78.00

N.A.
4.60
N.A.
6.57
14.90

"

99.3
136.6

120.4
256.6
65.3
103.5
92.0

49.7
180.8

60.9
87.4

154.10
111.90
183.00
195.50
102.50

45.00
30.25
29.43
27.55
32.00
28.94
43.75
53.75
59.00
27.60
31.34
15.63
78.00

NA4.25
N.A.
6.72
14.30

June

1994

101.3
123.5

123.3
233.9
61.1
106.7
86.9

51.2
163.7

50.0
82.2

152.50
114.90
168.10
181.10
97.50

45.00
29.56
27.20
24.20
30.31
27.44
44.00
53.75
59.00
24.53
28.89
16.67
78.00

N.A.
4.28
NA
5.92
12.50

JUly

108.2
122.1

131.7
232.0
61.6
114.1
91.8

54.4
162.4

59.2
83.3

144.50
111.60
165.60
178.60
90.75

45.00
30.35
25.02
23.71
32.00
30.18
45.00
53.75
59.00
24.51
28.13
18.64
78.00

89.00
4.52
N.A.
5.58
12.30

Aug.

114.5
133.0

141.6
252.6
65.9
121.5
92.0

56.8
176.6

63.2
90.0

145.00
N.A.
162.50
174.50
85.00

45.00
30.63
24.87
24.51
32.00
32.15
43.10
53.75
59.00
26.11
28.13
19.50
78.00

101.00
4.54
30.30
5.47
10.70

Sept.

118.9
129.7

146.3
248.3
65.2
126.6
92.6

58.4
172.2

63.2
89.9

134.40
122.50
156.40
168.50
75.00

45.00
30.60
24.73
23.64
33.50
31.93
46.00
53.75
59.00
27.06
29.20
19.78
74.40

96.00
4.49
28.80
5.30
10.80

Oct.

140.3
141.5

152.8
270.4
69.6
150.3
104.1

64.0
188.2

69.1
100.0

114.20
95.60
145.40
156.90
52.50

45.00
33.69
24.75
25.50
35.00
36.83
53.80
53.75
59.00
30.61
30.63
22.48
60.00

104.00
4.71
25.40
5.41
10.30

Dec.

Continued--

124.0
141.3

146.3
268.1
69.1
131.3
100.9

59.1
187.8

66.7
95.9

120.50
110.00
150.90
161.30
69.50

45.00
34.19
24.75
24.85
35.00
34.95
50.88
53.75
59.00
29.84
29.40
20.38
60.00

107.00
4.51
25.60
5.36
10.60

Nov.

------------------------------------

117.6
259.6
65.9
98.2
90.6

48.5
182.9

60.8
87.1

157.75
125.00
191.10
193.75
105.00

46.00
29.45
29.48
29.66
32.00
26.27
44.25
53.75
59.00
29.10
33.53
15.25
78.00

N.A.
4.43
N.A.
6.77
15.50

May

97.3
95.7
94.6
138.5
140.3
136.7
--------.... ----_...._----------------------_ ... _----------------_..------------------------------.....-----------------N.A. = Not available.

Oilseeds:
Received by farmers, U.S.
Cottonseed
Flaxseed
Peanuts
Soybeans
Sunflowerseed
Fats and oils:
Wholesale
Castor oil, No.1, Brazilian tanks, imported, N.Y.
Coconut oil, crude, tank cars, N.Y.
Corn oil, crude, tank cars, wet mill Chicago.
Cottonseed oil, crude, tank cars, f.o.b. Valley Points
Linseed oil, raw, tank cars, Minneapolis
Palm oil, refined, c.iJ., bulk, U.S. ports
Peanut oil, crude, tank cars f.o.b. Southeastern mills
Rapeseed oil, refined, denatured, tanks, N.Y.
Safflower oil, tanks, N.Y.
Soybean oil, crude, tank cars, f.o.b. Decatur
Sunflower oil, crude Minneapolis
Tallow, inedible, number 1, delivered, Chicago
Tung oil, imported, drums, f.o.b. N.Y.
Oilmeals:
Cottonseed meal, 41 percent protein, solvent, Memphis
Linseed meal, 36 percent protein, Minneapolis
Soybean meal, 44 percent protein, Decatur
Soybean meal, 49-50 percent protein, Decatur
Sunflower meal, 28 percent protein
Index numbers:
All fats and oils
All fats and oils, except butter
Group by origin:
Animal fats
Vegetable oils, domestic
Group by use:
Lard, refined
Edible fats and oils except butter and lard
Edible fats and oils including butter
Soap fats
Drying oils
other industrial:
Ail industrial
Crude

--------Item
Mar.
Unit
Jan.
Feb.
Apr
-----_....-----------------------------_......._---_...-----------------

-----------------------------------------------

--en

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CD
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----------

_-----------------------_.....
_.._-----------

1995

--------------_...------------------

Nov.
Dec.
Item
June July
Aug.
Sept.
Oct.
Unit
Jan.
Feb.
Mar.
Apr.
May
----------------------------.._ - - - - - - - - - - - - - - - - - - - - - - - -.._------------_ ..... _------------------_._---------- ...
Oilseeds:
Received by farmers, U.S.
116.00
Cottonseed
100.00 100.00
99.00 114.00
N.A.
N.A.
N.A.
$lton
95.00
70.00
N.A.
N.A.
5.11
5.11
5.17
5.03
Flaxseed
5.10
5.03
5.11
5.21
$/bu.
4.76
4.94
5.13
4.91
29.50
28.60
Peanuts
N.A.
30.60
29.70
28.60
Ct./lb.
25.50
N.A.
N.A.
N.A.
N.A.
N.A.
6.76
Soybeans
5.90
5.83
5.98
6.15
6.40
5.51
5.55
5.56
5.68
5.47
5.40
$/bu.
11.00
10.80
10.60
Sunflowerseed
10.70
10.60
10.70
11.50
11.40
11.00
$/cwt
10.50
10.80
10.40
Fats and oils:
Wholesale
45.00
45.00
45.00
45.00
45.00
45.00
Castor oil, No.1, Brazilian tanks, imported, N.Y.
Ct.llb.
45.00
45.00
45.00
45.00
45.00
45.00
33.69
35.63
35.00
36.00
37.88
Coconut oil, crude, tank cars, N.Y.
32.50
32.00
31.13
31.00
30.50
35.00
37.90
"
26.35
25.93
26.05
25.54
24.99
Corn oil, crude, tank cars, wet/dry mill Chicago.
28.17
27.30
26.42
26.61
27.38
28.01
27.26
"
26.10
30.26
28.61
27.61
26.27
Cottonseed oil, PBSY, Greenwood, MS
29.95
27.14
27.61
27.51
30.04
30.63
28.70
"
37.00
35.00
35.50
37.00
37.00
37.00
Linseed oil, raw, tank cars, Minneapolis
35.00
35.00
35.00
35.00
35.00
35.00
"
31.96
30.00
33.68
32.59
30.86
31.45
Palm oil, refined, c.iJ., bulk, U.S. ports
34.26
33.82
36.18
35.56
32.80
33.06
"
39.20
39.13
41.50
41.30
42.50
41.63
Peanut oil, crude, tank cars f.o.b. Southeastern mills
50.25
41.83
41.00
41.25
40.25
39.00
"
50.75
50.75
50.75
50.75
53.75
53.15
50.75
50.75
50.75
Rapeseed oil, refined, denatured, tanks, N.Y.
53.75
53.75
53.75
"
59.00
59.00
59.00
59.00
59.00
Safflower oil, tanks, N.Y.
59.00
59.00
59.00
59.00
59.00
"
59.00
59.00
26.56
26.26
26.57
25.42
24.76
Soybean oil, crude, tank cars, t.o.b. Decatur
28.33
26.30
26.00
26.78
27.60
"
29.04
28.15
26.25
25.98
28.69
27.47
27.41
27.49
Sunflower oil, crude Minneapolis
29.25
27.66
27.97
26.89
26.34
27.30
"
19.53
19.46
19.75
20.08
19.61
19.81
Tallow, inedible, number 1, delivered, Chicago
"
21.75
18.86
18.00
17.75
17.50
17.89
60.00
60.00
60.00
60.00
60.00
60.00
Tung oil, imported, drums, f.o.b. N.Y.
60.00
60.00
60.00
60.00
60.00
60.00
"
Oilmeals:
185.80
Cottonseed meal, 41 percent protein, solvent, Memphis
98.10
92.75 108.75 116.90 116.50 137.60 153.25 165.00
$/ton
106.75
97.50 100.30
143.75
92.50
95.00 112.50 131.00 151.67
Linseed meal, 36 percent protein, Minneapolis
82.40
85.25
90.00
94.40
85.00
85.00
"
213.60
Soybean meal, 44 percent protein, Decatur
"
145.10 149.40 145.70 151.00 148.10 149.10 160.10 157.50 171.75 183.40 194.10
223.60
156.40 151.30 156.90 161.90 159.10 160.40 170.45 166.70 180.99 193.90 204.10
Soybean meal, 49-50 percent protein, Decatur
"
82.88
99.00
122.50
60.90
62.38
73.75
83.75
N.A.
50.00
46.88
52.50
62.50
Sunflower meal, 28 percent protein
"
Index numbers:
1982=100
624.0
62.5
63.0
64.9
64.7
66.6
N.A.
68.4
65.9
66.1
63.0
61.5
All fats and oils
"
90.6
91.9 N.A.
89.5
All fats and oils, except butter
95.4
90.2
87.7
89.4
89.0
91.4
"
100.2
95.2
Group by origin:
59.7
57.1
56.0
57.2
59.8
61.2
61.4
63.8 N.A.
Animal tats
63.0
58.5
58.1
"
171.1
163.0
Vegetable oils, domestic
173.2
168.4
170.7
167.2
172.7
174.7 N.A.
"
186.3
184.5
186.0
Group by use:
175.9
135.9
137.3
147.7
159.3
159.3
151.7 N.A.
154.2
160.7
144.3
135.9
Lard, refined
"
235.2
246.3
239.7
248.3
246.1
250.8
N.A.
Edible fats and oils except butter and lard
269.9
268.1
269.0
248.8
241.3
"
66.6
68.9
62.6
63.1
64.3
64.1
66.7
N.A.
"
68.4
68.9
68.8
64.6
Edible fats and oils including butter
131.7
131.8
130.4
130.9 N.A.
1,363.0
128.0
124.1
125.7
"
152.9
125.1
127.5
Soap fats
102.1
108.3 N.A.
109.0
99.7
99.7
99.7
99.8
102.0
100.9
Drying oils
"
98.8
99.4
other industrial:
129.1
123.3
117.6
119.0
124.3
124.3
124.5 N.A.
All industrial
"
141.8
118.5
120.5
120.9
121.6
160.5 NA.
126.0
127.8
125.1
129.4
128.1
Crude
"
140.2
138.8
139.7
129.9
-------------- .. -----------------------------------------------------------------_..---------------------------------------------------....--------------------------------------------------------------------------------------------------------------------------Continued-N.A. = Not available.

-----------------

Table 41-Prices: Farm, wholesale, and index numbers of wholesale prices, by month, U.S., 1990-1998 (cont.)
-------------------------------------.. _-------------------------------..

())

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<.0
00

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00

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Table 41--Prices: Farm, wholesale, and index numbers of wholesale prices, by month, 1990-1998

Unit

Jan

Feb
Mar

Apr

May

June
July

Aug

Sept.
Oct.

Nov.

Dec.

------------------------------------------------------------------------------------------------------------------

------

..
..

..

..

..

1982=100

..

..

126.6
118.2

175.9
234.9
64.0
1,355.2
10.9

61.3
162.8

631.1
88.9

115.1
118.2

175.9
226.7
61.1
1,206.1
10.8

55.6
158.7

595.5
84.3

202.80
143.75
216.70
228.30
130.00

208.80
142.00
220.50
232.00
135.00

$/ton

..

..

41.50
36.63
24.30
24.35
37.00
26.52
36.00
50.75
59.00
23.49
24.23
17.00
60.00

120.00
5.18
N.A.
7.01
11.50

43.50
35.80
24.52
24.45
37.00
27.08
37.25
50.75
59.00
23.52
24.65
19.45
60.00

98.00
5.27
29.80
6.77
11.00

Ct./lb.

..

$/ton
$/bu.
Ct./lb.
$/bu.
$/cwt

112.2
115.4

175.9
221.3
60.1
1,174.1
10.8

55.0
155.1

583.9
82.4

195.60
155.00
215.70
226.57
123.50

41.50
36.75
24.34
24.25
37.00
26.33
36.60
50.75
59.00
23.60
24.28
17.03
64.00

NA
5.28
NA
7.00
11.90

175.9
234.7
62.7
1,187.0
10.8

55.4
164.5

605.0
86.0

220.00
174.00
237.90
249.30
133.00

41.50
38.75
26.60
26.77
37.00
27.52
39.25
50.75
59.00
25.70
25.63
17.54
64.00

N.A.
5.31
N.A.
7.43
12.50

149.6
249.7
67.4
1,317.2
10.9

61.6
174.1

149.6
242.2
73.6
1,325.8
10.9

73.9
168.2

700.8
90.1

192.20
178.75
227.90
238.80
135.00

191.25
177.00
232.30
244.30
137.00
654.3
91.8

41.50
42.25
25.66
27.94
37.00
25.43
43.00
50.75
59.00
24.95
25.72
19.50
64.00

N.A.
5.88
NA
7.41
14.30

41.50
39.50
27.98
28.46
37.00
28.57
42.80
50.75
59.00
26.50
26.38
19.37
64.00

N.A.
6.03
N.A.
7.69
13.60

160.1
230.6
73.9
1,339.6
10.8

78.6
159.3

704.8
87.6

201.56
174.00
242.30
252.50
135.00

41.50
41.80
25.46
28.25
37.00
24.78
43.00
50.75
59.00
24.10
24.58
20.98
64.00

N.A.
6.19
N.A.
7.62
13.60

162.8
233.5
74.8
1,477.4
10.9

82.7
160.5

726.4
91.0

193.10
170.00
251.10
261.20
126.25

41.50
42.80
24.33
27.81
37.20
24.46
42.60
50.75
59.00
24.00
24.90
22.40
64.00

118.00
6.15
N.A.
7.82
12.70

165.4
237.3
75.6
1,635.4
10.4

86.9
161.7

749.7
95.0

193.10
167.50
265.50
276.40
125.60

41.50
47.20
24.14
26.13
37.50
27.24
40.50
50.75
59.00
23.40
24.95
27.00
64.00

134.00
6.28
28.10
7.85
12.10

160.1
220.4
72.1
1,486.8
10.3

83.3
149.4

707.4
87.8

183.25
167.50
238.00
248.50
116.00

41.50
48.00
22.67
24.56
37.00
26.60
41.50
60.56
59.00
22.06
21.05
26.50
64.00

127.00
6.49
25.80
6.95
11.70

154.9
215.5
59.9
1,265.9
11.1

59.8
148.2

593.2
82.4

196.60
168.30
242.70
251.50
105.00

41.50
49.50
21.96
24.28
33.75
27.36
39.20
90.00
59.00
21.99
19.65
27.15
64.00

114.00
6.50
25.00
6.90
11.90

144.4
219.4
60.1
1,412.5
11.1

63.0
149.4

611.4
86.0

224.50
170.00
240.90
250.60
118.00

41.50
50.00
22.29
24.29
32.19
27.56
40.75
90.00
59.00
27.56
21.63
26.25
64.00

133.00
6.79
25.60
6.91
11.60

135.6
125.0
125.8
139.3
153.0
139.7
135.0
113.3
127.0
110.5
120.6
111.3
109.9
122.3
129.4
124.9
118.4
119.4
--------------_..----------_...---------------------------------------------------_....------.._-------------------------------------------_.......------------------------------------------_..---------_..... _-------_..-------------_.._-------Continued-N.A. = Not available.

Oilseeds:
Received by farmers, U.S.
Cottonseed
Flaxseed
Peanuts
Soybeans
Sunflowerseed
Fats and oils:
Wholesale
Castor oil, No.1, Brazilian tanks, imported, N.Y.
Coconut oil, crude, tank cars, N.Y.
Corn oil, crude, tank cars, wet/dry mill Chicago.
Cottonseed oil, PBSY, Greenwood, MS
Linseed oil, raw, tank cars, Minneapolis
Palm oil, refined, c.iJ., bulk, U.S. ports
Peanut oil, crude, tank cars f.o.b. Southeastern mills
Rapeseed oil, refined, denatured, tanks, N.Y.
Safflower oil, tanks, N.Y.
Soybean oil, crude, tank cars, f.o.b. Decatur
Sunflower oil, crude Minneapolis
Tallow, inedible, number 1, delivered, Chicago
Tung oil, imported, drums, f.o.b. N.Y.
Oilmeals:
Cottonseed meal, 41 percent protein, solvent, Memphis
Linseed meal, 36 percent protein, Minneapolis
Soybean meal, 44 percent protein, Decatur
Soybean meal, 49-50 percent protein, Decatur
Sunflower meal, 28 percent protein
Index numbers:
All fats and oils
All fats and oils, except butter
Group by origin:
Animal fats
Vegetable oils, domestic
Group by use:
Lard, refined
Edible fats and oils except butter and lard
Edible fats and oils including butter
Soap fats
Drying oils
Other industrial:
Ail industrial
Crude

--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Item

1996

-------------------------------------------------------------------------------------------------------------------------------------------------

c
en

0'

:<

en
CD

::r

(3

CD
OJ

en

CD

0'
::D

:::J

co
co
(Xl

-'

0-

0--0
8"

(Xl

co
co

-'

en,

()

0"

S-

c.
0

:::J

OJ

:::J

o'

e:~

en

en

"0

(3

()

oj:>,

--------

..
..

-1997

..

..
..

..
..

..

..

Item
Dec.
Unit
Jan
Feb
Mar
Apr
June
Aug.
Sept.
Oct.
Nov.
May
July
-----------Oilseeds:
Received by farmers, U.S.
Cottonseed
$/ton
132.00
128.00
113.00 119.00 124.00 122.00
NA.
NA.
NA.
112.00
NA.
NA.
Flaxseed
5.72
$/bu.
5.81
5.71
6.42
6.30
6.66
6.49
6.50
5.99
6.07
5.53
5.72
Peanuts
N.A.
27.10
25.40
23.60
26.90
Ct.llb.
24.30
N.A.
NA.
N.A.
N.A.
N.A.
NA.
Soybeans
6.71
$/bu.
7.38
7.25
6.72
6.50
6.85
7.13
7.97
8.23
8.40
8.16
7.52
Sunflowerseed
$/cwt
10.60
11.00
11.80
12.20
12.20
12.40
12.10
11.90
10.70
10.70
11.30
11.00
Fats and oils:
Wholesale
Castor oil, No.1, Brazilian tanks, imported, N.Y.
Ct.llb.
41.50
41.50
41.50
41.50
41.50
41.50
41.50
41.50
41.50
41.50
41.50
41.50
Coconut oil, crude, tank cars, N.Y.
44.00
36.50
37.00
37.25
37.25
37.25
44.20
42.88
42.50
42.50
35.00
36.50
Corn oil, crude, tank cars, wet/dry mill Chicago.
23.97
25.15
25.20
26.28
23.39
24.38
24.60
24.66
24.82
25.34
25.36
26.25
Cottonseed oil, PBSY, Greenwood, MS
25.21
28.03
28.47
26.78
25.44
26.18
25.10
25.19
25.01
26.53
27.11
29.11
Linseed oil, raw, tank cars, Minneapolis
36.00
36.00
36.00
36.00
36.00
37.00
37.00
37.00
36.00
36.00
36.00
36.00
Palm oil, refined, c.iJ., bulk, U.S. ports
29.25
28.00
25.55
25.37
27.33
25.05
28.68
28.18
28.93
27.25
26.17
27.28
Peanut oil, crude, tank cars f.o.b. Southeastern mills
43.50
43.88
44.75
45.00
46.20
48.00
47.25
49.63
51.00
51.25
47.88
48.06
Rapeseed oil, refined, denatured, tanks, N.Y.
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
82.00
82.00
82.00
Safflower oil, tanks, N.Y.
59.00
59.00
59.00
59.00
59.00
59.00
59.00
59.00
59.00
59.00
59.00
59.00
Soybean oil, crude, tank cars, f.o.b. Decatur
22.88
24.31
25.08
22.45
22.41
23.29
23.17
23.68
22.97
21.89
22.06
25.73
Sunflower oil, crude Minneapolis
22.65
23.07
23.50
22.02
22.90
24.51
26.41
26.36
22.70
23.21
22.33
21.73
Tallow, inedible, number 1, delivered, Chicago
22.13
22.60
23.40
22.88
19.35
17.39
18.09
19.64
19.65
20.10
20.88
22.88
Tung oil, imported, drums, f.o.b. N.Y.
92.00
110.00 110.00 110.00 110.00
74.00
92.00
103.00
103.00
103.00
103.00
108.00
Oilmeals:
Cottonseed meal, 41 percent protein, solvent, Memphis
$/ton
183.75
192.00 189.10 189.10 190.50
207.20
189.10
197.25
193.75
190.30
170.75
176.25
Linseed meal, 36 percent protein, Minneapolis
165.00
156.25
163.30
168.00
188.30
126.25
136.70 140.60 161.25 150.50
171.25
124.00
Soybean meal, 44 percent protein, Decatur
265.70 216.00 231.60 214.90
240.70
253.60
270.40
277.70
296.00
275.90
261.50
261.60
Soybean meal, 49-50 percent protein, Decatur
249.20
262.40
280.50
288.60
306.40
273.30
278.30 229.30 245.30 222.50
287.90
273.56
Sunflower meal, 28 percent protein
96.90
125.00
137.50
121.70
124.00
120.00
106.25
84.00
85.00
89.20
88.10 100.00
Index numbers:
1982=100
..
All fats and oils
65.7
66.0
68.2
63.2
65.0
67.7
65.8
66.2
73.0
78.8
77.8
66.5
All fats and oils, except butter
95.1
99.1
91.1
89.2
90.1
83.9
89.4
89.8
88.6
86.6
88.6
99.6
Group by origin:
Animal fats
83.1
89.2
70.4
72.4
73.1
65.2
66.9
73.4
73.0
91.8
74.4
72.6
Vegetable oils, domestic
151.9
161.8
170.4
155.4
152.2
161.4
154.3
159.4
156.2
154.1
149.1
170.4
Group by use:
Lard, refined
144.4
162.8
162.8
154.9
147.0
154.9
160.1
160.1
157.5
160.1
160.1
160.1
Edible fats and oils except butter and lard
229.0
223.8
236.6
224.1
230.1
216.4
221.2
236.9
249.4
248.5
227.4
223.7
Edible fats and oils including butter
64.2
65.1
69.8
65.3
64.7
67.4
66.1
65.2
65.2
72.1
78.8
77.7
Soap fats
153.1
167.3
172.6
156.5
191.9
137.1
120.2
144.0
150.5
148.7
148.3
174.6
Drying oils
11.1
10.9
11.0
11.0
10.8
10.9
11.1
11.2
11.0
11.1
10.9
10.9
Other industrial:
All industrial
156.4
160.9
147.0
143.0
129.7
115.1
136.2
141.8
140.0
139.8
143.8
162.6
Crude
126.4
115.0
112.6
119.4
114.3
117.9
115.8
114.3
110.6
112.5
119.8
126.2
........---------..----------.._-------- ..... _---------.._---------_.._-------------------------------------------------..-..._------------------------------------------... __.._---------------------------------------..--------------------------------------------N.A. = Not available.
Continued--

------

Table 41--Prices: Farm, wholesale, and index numbers of wholesale prices, by month, U.S., 1990-1998 (cont.)

------------------

U1

(J)

ex>

)
)

0-

ex>

)
)

.....

C{'

o
soo
~
o

c-

:l

Pl

:l

e:
a

(J)

(f)

"0

(J)

--

o'
(1)

:<

(1)

:T
(J)

Pl

(1)

(f)

(1)

::IJ

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:l

o
o
3

m
n

Table 41-Prices: Farm, wholesale, and index numbers of wholesale prices, by month, U.S., 1990-1998

Unit

Jan

Feb

Mar
Apr

May

June

July

..

..

..

..

1982=100

..

139.1
253.4
77.5
134.9
10.8
127.8
130.8

149.4
125.9

78.0
176.1

74.0
93.9

154.9
245.8
71.3
159.5
10.9

75.9
169.3

71.6
96.1

139.10
121.25
182.10
192.75
75.87

153.10
130.00
193.10
202.80
90.00

$/ton

..

..

..

41.50
37.25
27.31
29.37
36.00
29.59
51.00
90.00
59.00
26.51
25.91
16.88
110.00

108.00
6.27
NA
6.57
11.90

41.50
37.25
26.04
27.69
36.00
29.30
51.60
90.00
59.00
25.10
25.75
18.20
110.00

122.00
5.86
24.70
6.69
11.10

CtJlb.

$/bu.
$/cwt

Ct./lb.

$/bu.

$/ton

134.1
135.2

141.8
259.1
77.2
142.1
10.8

76.6
181.5

74.5
96.6

128.70
116.25
165.30
174.20
72.60

41.50
37.25
28.50
30.46
36.00
30.53
51.00
90.00
59.00
27.09
26.51
17.58
110.00

NA
6.24
NA
6.40
12.00

128.3
138.5

147.0
264.1
78.3
135.7
10.6

75.2
185.4

74.7
97.0

116.25
102.50
152.75
162.50
64.90

41.50
37.25
30.93
32.47
36.00
32.10
50.00
90.00
59.00
28.10
28.50
17.70
110.00

NA
6.22
NA
6.26
12.60

146.5
143.4

147.0
276.0
82.6
156.4
10.7

83.7
192.4

80.0
103.5

105.00
96.25
150.30
160.00
66.90

41.50
37.25
33.20
31.33
37.00
35.20
47.20
90.00
59.00
28.27
31.06
20.35
100.00

NA
6.34
NA
6.26
13.80

151.1
130.6

149.6
252.3
81.9
161.6
10.8

91.7
175.0

80.0
98.1

126.00
100.00
157.80
168.60
88.30

48.00
37.00
32.82
30.22
37.00
31.11
45.50
90.00
59.00
31.68
28.40
19.63
100.00

NA
6.29
NA
6.15
14.40

17.57
100.00

17.31
100.00

131.1
126.3

144.4
240.9
83.4
138.8
10.8

92.2
168.9

79.0
91.2

134.5
120.4

149.6
230.7
83.9
138.8
10.8

97.7
161.2

79.8
89.2

130.30
104.40
135.70
146.25
85.00

N/Q

N/Q

145.62
117.50
173.30
183.40
97.50

48.00
35.50
29.93
30.11
37.00
32.33
43.75
90.00
59.00
23.99

113.00
5.45
NA
5.43
14.60

48.00
36.50
31.52
29.40
37.00
31.42
44.00
90.00
59.00
24.90

NA
6.17
NA
6.13
15.90

Aug.

128.9
131.4

149.6
250.4
97.6
142.6
10.8

112.6
176.2

89.8
93.4

N/Q

115.60
88.00
126.90
135.80

16.69
100.00

N/Q

48.00
36.50
29.25
33.26
37.00
33.14
43.88
90.00
59.00
25.13

113.00
5.27
27.70
5.15
12.40

Sept.

Oct.

Nov.

Dec.

-------------

Compiled from Chemical Marketing Reporter, Wall Street Journal, and reports of the Crop Reporting Board, Agricultural Marketing Service, and Bureau of Labor Statistics.

N.A. = Not available.

_ _ _ _ _ _ _ _ _ _ _ _ _ _ ... _ _ _ _ _ _ _ _ _ ..... _ . . _ _ _ _ _ _ _ _ _ _ _ . . _ _ _ _ _ _ _ _ _ _ _ _ _ _- - - - - - - - - - - - - - _ _ _ _ _ 00. .- - -_ _ - - - - - - - - - - - - - - - - - - - - -. . _ - - - - - - _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

Oilseeds:
Received by farmers, U.S.
Cottonseed
Flaxseed
Peanuts
Soybeans
Sunflowerseed
Fats and oils:
Wholesale
Castor oil, No.1, Brazilian tanks, imported, N.Y.
Coconut oil, crude, tank cars, N.Y.
Com oil, crude, tank cars, wetldry mill Chicago.
Cottonseed oil, PBSY, Greenwood, MS
Linseed oil, raw, tank cars, Minneapolis
Palm oil, refined, c.i.f., bulk, U.S. ports
Peanut oil, crude, tank cars f.o.b. Southeastern mills
Rapeseed oil, refined, denatured, tanks, N.Y.
Safflower oil, tanks, N.Y.
Soybean oil, crude, tank cars, f.o.b. Decatur
Sunflower oil, crude Minneapolis
Tallow, inedible, number 1, delivered, Chicago
Tung oil, imported, drums, f.o.b. N.Y.
Oilmeals:
Cottonseed meal, 41 percent protein, solvent, Memphis
Linseed meal, 36 percent protein, Minneapolis
Soybean meal, 44 percent protein, Decatur
Soybean meal, 49-50 percent protein, Decatur
Sunflower meal, 28 percent protein
Index numbers:
All fats and oils
All fats and oils, except butter
Group by origin:
Animal fats
Vegetable oils, domestic
Group by use:
Lard, refined
Edible fats and oils except butter and lard
Edible fats and oils including butter
Soap fats
Drying oils
other industrial:
All industrial
Crude

--------------------------------------------------------------------------------------------------------------

Item

----------------------------------------------------------------------------

1998

--------------------------------------------------------------------------------

Table 42--Fats and oils: Domestic consumption in food products, U.S., 1975-1997

-------------------------------------------------------_........._------------------------------------------------------------------------------------------Butter
(actual weight)

Lard 1/
(direct use)

Tallow 2/
(direct use)

Margarine
(actual weight)

Calendar --------------------------- ----------------------------- --------------------------------- --------------------------------Total


Per
Total
Per
Total
Per
year
Total
Per
capita
capita
capita
capita
------------------_.. _---------- ..- ..._-----------------------------------------------------------------_ .............-------------------------------------------Mil.lbs.
Lbs.
Mil.lbs.
Lbs.
Mil.lbs.
Lbs.
Mil.lbs.
Lbs.
2,386
11.0
688
3.2
NA
638
2.9
NA
NA
2,601
11.9
557
2.5
NA
NA
2,502
11.4
530
2.4
NA
NA
2,508
11.3
0.4
569
2.5
87
2,517
11.2
589
2.6
241
1.1
2,576
11.3
573
2.5
223
1.0
2,557
11.1
586
2.5
304
1.3
2,564
11.0
488
2.1
482
2.1
2,431
10.4
491
2.1
407
1.7
2,456
10.4
426
1.8
458
1.9
2,573
10.8
428
1.8
417
1.7
2,746
11.4
441
1.8
220
0.9
2,551
10.5
433
1.8
198
0.8
2,529
10.3
442
1.8
73
0.3
2,513
10.2
468
1.9
136
0.5
2,716
10.9
429
1.7
364
1.4
2,672
10.6
426
613
2,804
1.7
2.4
11.0
449
1.7
565
2.2
2,870
11.1
599
2.3
632
2,588
9.9
2.4
584
2.2
710
2.7
2,421
9.2
605
2.3
796
3.0
2,432
9.2
616
2.3
648
2.4
2,297
8.6
----------------------------------------------------......-----.. - ... _----- ... _---- ....------------------------------------------------------------------------1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997

1,021
941
946
969
1,011
1,017
975
1,010
1,149
1,163
1,164
1,114
1,132
1,102
1,077
1,095
1,100
1,114
1,209
1,255
1,186
1,148
1,114

4.7
4.3
4.3
4.4
4.5
4.5
4.2
4.3
4.9
4.9
4.9
4.6
4.7
4.5
4.4
4.4
4.4
4.4
4.7
4.8
4.5
4.3
4.2

--------------------------------------------------------------------------------------------------------------------------------------

Baking or
frying fats

Salad or
cooking oils

-----------------------------

Total

Per
capita

Other edible
uses 11

---------------------------------

Total

Per
capita

All food products

--------------------------------Total

Per
capita

---------------------------------

Total

Per
capita

---------------_ ..._----------------------------------------------------------------------------------------------------------------------------Mil.lbs.
Lbs.
Mil.lbs.
Lbs.
Mil.lbs.
Lbs.
Mil.lbs.
Lbs.
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997

3,666
3,861
3,796
3,970
4,139
4,137
4,250
4,322
4,334
5,031
5,465
5,318
5,194
5,270
5,309
5,559
5,650
5,722
6,487
6,293
5,914
5,911
5,604

17.0
17.7
17.2
17.8
18.4
18.2
18.5
18.6
18.5
21.3
22.9
22.1
21.4
21.5
21.5
22.2
22.4
22.4
25.1
24.1
22.5
22.3
20.9

3,860
17.9
428
2.0
12,049
55.8
4,243
19.5
445
2.0
12,729
58.3
19.1
422
4,207
1.9
12,430
56.4
4,484
20.1
453
2.0
12,914
58.0
4,690
20.8
377
1.7
13,390
59.5
4,837
21.2
343
1.5
13,740
60.3
5,008
21.8
320
13,906
1.4
60.5
5,080
21.9
374
1.6
14,240
61.3
5,524
23.6
365
1.6
14,773
63.1
5,319
22.5
404
1.7
15,271
64.6
5,620
23.6
375
1.6
16,081
67.5
5,871
24.4
404
1.7
16,298
67.7
6,222
25.6
316
1.3
16,076
66.2
6,448
26.3
318
1.3
16,298
66.5
6,040
24.4
313
1.3
15,767
63.8
291
6,195
24.8
1.2
16,460
65.9
6,743
26.7
321
1.3
17,279
68.4
6,946
27.2
367
1.4
17,991
70.4
6,907
26.8
451
1.7
18,938
73.3
6,846
26.3
426
1.6
18,639
71.5
7,066
26.9
434
1.6
18,315
69.6
26.1
361
6,934
1.4
18,187
68.6
7,689
28.7
1.1
297
18,264
68.2
-------------------------------------------------_ ...._-----_.. _-----------------------------------------------------------------------------------------NA Not available.
1/ Factory use as a proxy for domestic consumption in other edible products. 2/ Direct use is an ERS calculation.

66

Oil Crops Situation and OutiooklOCS-1998/0ctober 1998

Economic Research Service/USDA

Table 43--Fats and oils: Use in selected industrial products, U.S., 1975-1997

_..----------_ .. --------------------------------------------------------------------------------------------------------------------------------------------------Calendar
year

Fatty
acids

Soap

Animal
feeds

Paint
and
varnish

Resins
and
plastics

Lubricants
and
similar oils

Other
inedible
products

Total
use
1/

----- .....----------------_ ... _-_ ... -----------------------------_..--_..-----------_....----------------------------------------------------------------------------------Million pounds


1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997

1,283
1,464
1,492
1,518
1,316
1,337
1,391
1,474
1,478
1,443
1,495
1,750
1,874
2,002
2,083
2,203
1,974
2,177
2,200
2,340
2,341
2,430
2,645

1,701
1,978
1,974
2,177
2,320
2,154
2,175
1,936
1,862
2,028
1,911
2,007
2,195
2,181
2,057
1,981
2,235
2,041
1,898
1,959
1,964
1,921
2,341

836
976
953
889
862
848
798
748
811
1,015
754
764
918
807
749
799
833
739
749
687
594
469
567

227
321
287
284
237
190
140
119
146
153
221
244
261
176
187
99
107
124
125
136
103
87
93

106
122
136
130
136
126
128
160
180
193
163
184
199
202
211
203
183
166
170
207
211
206
206

170
200
170
179
164
172
116
82
93
103
103
101
109
111
115
160
102
109
116
119
142
124
125

591
640
695
728
723
678
720
610
611
635
453
342
597
501
444
296
286
549
589
654
747
782
557

4,914
5,700
5,780
5,904
5,758
5,505
5,468
5,129
5,181
5,570
5,100
5,392
6,154
5,979
5,848
5,741
5,719
5,904
5,846
6,103
6,101
6,018
6,535

-------------------------- ..----------------------------- ..-------------------------------------------------------------------------------------------------------1/ Total includes factory use in linoleum.

Table 44--Salad and cooking oils: Supply and disappearance, U.S., 1975-1997

-_..------------------------------------------------------------------------------------------------------------------------------------------------------------Supply

Disappearance

-----------------------------------------------------------------------------

Calendar
year

Stocks
Jan. 1

-------------------------------------------------------

Imports
Production

11

Total

Domestic

Exports

Total

Per
capita

----------.._----------------------------------------------------------------------------------------------------------------------------------------------------Million pounds
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997

97
91
104
105
123
141
122
110
123
113
92
112
147
135
123
126
121
136
100
125
98
94
115

3,967
4,343
4,347
4,862
5,100
5,167
5,370
5,450
5,775
5,614
5,939
6,036
6,334
6,409
6,123
6,036
6,310
6,491
6,470
6,547
6,725
6,641
7,433

48
62
54
62
53
57
61
64
71
87
111
154
206
303
257
368
585
664
721
759
852
855
953

4,112
4,496
4,505
5,029
5,276
5,365
5,553
5,624
5,969
5,814
6,142
6,302
6,687
6,847
6,503
6,530
7,016
7,291
7,291
7,431
7,675
7,590
8,501

Lbs.
3,840
4,243
4,207
4,464
4,690
4,837
5,008
5,080
5,524
5,319
5,620
5,871
6,222
6,448
6,040
6,195
6,743
6,946
6,907
6,846
7,066
6,934
7,389

161
149
193
422
445
406
435
421
332
403
410
284
330
276
337
214
137
245
259
487
515
541
706

4,001
4,392
4,400
4,886
5,135
5,243
5,443
5,501
5,856
5,722
6,030
6,155
6,552
6,724
6,377
6,409
6,880
7,191
7,166
7,333
7,581
7,475
8,395

17.9
19.5
19.1
20.1
20.8
21.2
21.8
21.9
23.6
22.5
23.6
24.4
25.6
26.3
24.4
24.8
26.7
27.2
26.8
26.3
26.9
26.1
28.7

----------------------------------------------------------------------------------------------------------------------------------------------------------------1/lmport data in the table are revised to include olive oil and refined canola oil.

Economic Research Service/USDA

Oil Crops Situation and Outlook/OCS-1998/0ctober 1998

67

Table 45-Salad and cooking oils: Fats and oils used in manufacture, U.S., 1975-1997

---------------_ ...---------------------------------------------------------------------------------------Calendar
year
Soybean

Cottonseed

Corn

Peanut

Edible
rapeseed

Olive

Total
1/

48
62
54
62
59
58
59
64
71
87
105
114
140
179
157
213
218
253
267
278
251
248
360

4,028
4,412
4,412
4,924
5,100
5,167
5,320
5,450
5,775
5,689
6,000
6,068
6,381
6,499
6,189
6,143
6,366
6,546
6,511
6,580
6,744
6,717
7,450

--------------_.. _.._-- ..-------------------------------------------------------------------------------------_...


Million pounds
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997

432
380
398
446
403
460
380
416
415
378
384
403
405
642
666
460
427
374
352
285
251
242
248

3,031
3,349
3,325
3,825
4,060
4,042
4,308
4,383
4,680
4,563
4,749
4,761
5,094
4,918
4,542
4,662
4,832
4,931
4,974
5,218
5,473
5,508
6,192

281
294
288
297
317
350
385
352
403
474
515
484
490
580
636
636
577
586
554
423
429
432
364

100
150
199
146
96
148
100
136
157
119
110
136
153
169
179
139
126
171
158
D
D
D
D

0
0
0
0
0
0
0
0
0
0
D
D
D
D
D
D
D
D
90
316
227
209
301

----------------------------------------------------------------------------------------------------------

D = Withheld to avoid disclosing figures for individual companies.


1/lncludes quantities of other fats and oils.

Table 46--Baking and frying fats: Supply and disappearance, U.S., 1975-1997

----------------_.._- .......----_......._........._-------_ ....._------------------------------------------------------------------------------------Supply

--------------- ... - .......

-----------_...._----_... _-----------_ ... -

Disappearance
-----------------------------------------------------------------

-_ ....._------------_... _..._--_.................._............__...............
Calendar
year

Stocks
Jan. 1

1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997

134
125
128
113
107
132
131
120
133
131
129
127
137
139
145
119
116
147
101
95
90
106
81

Vegetable
oil

Animal
fat

Total

Total Domestic
supply

Exports
1/

Total

Per
capita

-----------_ ... _..._---------------------_ .. _-------------------------------------------------------------- .. -------------_ .. _-----------Million pounds


Lbs.
2,839
3,033
2,873
2,939
3,177
3,116
3,252
3,449
3,454
3,954
4,304
4,238
4,232
4,241
4,288
4,730
5,004
4,988
5,818
5,658
5,316
5,327
5,034

874
896
968
1,076
1,029
1,062
1,039
930
909
1,114
1,201
1,136
1,005
1,087
1,027
860
720
731
706
676
658
603
622

3,713
3,929
3,841
4,015
4,206
4,178
4,291
4,379
4,363
5,068
5,505
5,374
5,237
5,328
5,315
5,590
5,724
5,719
6,524
6,334
5,975
5,929
5,656

3,847
4,054
3,969
4,128
4,313
4,310
4,422
4,499
4,496
5,199
5,634
5,501
5,374
5,467
5,460
5,709
5,840
5,866
6,625
6,429
6,065
6,035
5,737

3,666
3,861
3,796
3,970
4,139
4,137
4,250
4,322
4,334
5,031
5,465
5,318
5,194
5,270
5,309
5,559
5,650
5,722
6,487
6,293
5,914
5,911
5,604

56
65
60
51
42
42
52
44
31
39
42
46
41
52
32
34
43
43
44
46
45
43
42

3,772
3,926
3,856
4,021
4,181
4,179
4,302
4,366
4,365
5,070
5,507
5,364
5,235
5,322
5,341
5,593
5,693
5,765
6,531
6,339
5,959
5,954
5,646

17.0
17.8
17.3
17.9
18.5
18.2
18.5
18.6
18.5
21.3
23.0
22.1
21.5
21.6
21.5
22.3
22.4
22.4
25.1
24.1
22.5
22.3
20.9

-------_.. _...._------_ ...._.. _-_ ... _---------------------------_..--_ ..... _---_ .._---------------------------------------------------------------11 Includes shipments to U.S. territories.
68

Oil Crops Situation and Outlook/OCS-1998/0ctober 1998

Economic Research Service/USDA

Table 47--Baking and frying fats: Fats and oils used in manufacture, U.S., 1975-1997

---------------------------..------------------------------------------------------.._----- .... _----.._-----------------Calendar


year

Soybean

Cottonseed Corn oil

Palm

Edible
tallow

Total

Lard

166
156
185
220
316
378
315
251
277
263
289
274
224
265
295
264
274
310
296
287
325
284
272

602
622
748
808
713
673
724
679
632
821
1,015
973
890
840
752
637
460
427
404
405
374
320
312

3,728
3,938
3,855
4,059
4,215
4,200
4,304
4,391
4,381
5,108
5,564
5,453
5,303
5,377
5,338
5,684
5,767
5,761
6,544
6,365
6,031
5,935
5,679

11

-..------.. _------------------ ..------------ ... ------------...-----------------------_..----.._...---- .._-----..------------- ..----Million pounds


1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997

2,025
2,322
2,279
2,480
2,680
2,651
2,767
2,948
2,914
3,465
3,625
3,379
3,434
3,563
3,554
4,004
4,152
4,140
4,951
4,929
4,673
4,690
4,517

154
128
160
189
169
189
136
158
139
151
173
182
136
169
192
252
260
241
266
216
212
237
256

D
D
D
D
D
D
D
D
D
D
D
D
D
D
233
270
359
322
276
125
91
80
74

604
532
371
266
222
188
217
190
213
216
230
320
215
173
139
D
D
D
D
D
D
D
D

-- ..------.._--_.. _-----.._-----.._-----........---.._-----.._----------------... --.._---------------------------------------------D = Data withheld by Census to avoid disclosure of individual operations.
1/lncludes small quantities of other fats and oils.

Table 48--Margarine (actual weight): Supply, disappearance, and price, U.S., 1975-1997 1/

-----------------..----------------_ .._------------_..-----_ ..._---_ ...._---_ ..-----_..._-----------_... -----_ .... _------..---------------Disappearance


Supply
Calendar --..------------------------_.. _----------------- -------------------------------------------year
Stocks
Production
Total
Domestic Exports
Total
Jan. 1
1/

Per
capita

Price
21

----------------------------------------------------------------------------------------------------------------------_ .. _-----

-----------------------------------------Million pounds------------------------------1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997

64
60
67
80
70
81
74
61
62
55
55
61
81
63
62
61
92
91
75
66
62
58
44

2,399
2,628
2,535
2,520
2,553
2,593
2,577
2,596
2,451
2,481
2,603
2,789
2,554
2,549
2,531
2,768
2,698
2,818
2,892
2,623
2,490
2,480
2,367

2,463
2,688
2,602
2,600
2,623
2,674
2,651
2,657
2,513
2,536
2,658
2,850
2,636
2,614
2,594
2,830
2,791
2,909
2,969
2,693
2,557
2,544
2,418

2,386
2,601
2,502
2,508
2,517
2,576
2,557
2,564
2,431
2,456
2,573
2,746
2,551
2,529
2,513
2,716
2,672
2,804
2,870
2,588
2,421
2,432
2,297

17
20
20
22
25
24
33
31
27
25
24
23
22
23
20
22
28
31
33
38
78
68
71

2,403
2,621
2,522
2,530
2,542
2,600
2,590
2,595
2,458
2,481
2,597
2,769
2,573
2,552
2,533
2,738
2,700
2,835
2,903
2,626
2,499
2,500
2,368

Lbs Centsflb.
11.1
12.0
11.5
11.4
11.3
11.4
11.3
11.1
10.4
10.5
10.9
11.5
10.6
10.4
10.2
10.9
10.7
11.0
11.2
10.0
9.4
9.3
8.7

38.71
37.50
38.93
39.73
41.02
38.81
37.44
38.35
39.45
45.59
47.33
35.35
36.85
48.31
49.12
54.41
55.44
41.10
3/
3/
3/
3/
3/

-----------------_ ..... _--------------............ _----_..._..- ......_--_............__...- ........._.........._-_..._..-----_.................._---------------------_ .......... _--_ ...... _... _----1/lncludes shipments to U.S. territories. 21 Yellow quarters, to.b. Chicago.

Economic Research Service/USDA

3/ Series discontinued.

Oil Crops Situation and Outlook/OCS-1998/0ctober 1998

69

Table 49-Margarine: Fats and oils used in manufacture, U.S., 1975-1997

--------------------------------------------------------------------_......._---...._------------Animal
Total
Calendar
fats 11
21
Corn
Soybean Cottonseed
year
-----------------------------------------_ ....-------------------------_.....__ .._-------- ..-------Million pounds
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997 31

1,568
1,671
1,585
1,593
1,643
1,653
1,685
1,718
1,549
1,544
1,628
1,741
1,615
1,619
1,573
1,749
1,853
1,926
2,013
1,793
1,684
1,694
1,65

46
51
44
42
25
25
25
21
34
26
8
24
28
NA
NA
NA
25
24
26
NA
NA
NA
NA

188
218
243
211
222
223
214
220
212
196
210
190
248
210
214
208
196
176
161
NA
NA
77
61

52
44
80
74
86
104
78
29
41
38
65
48
22
35
32
35
43
37
31
42
41
28
14

1,917
2,091
2,026
1,997
1,985
2,016
2,012
1,997
1,850
1,842
1,946
2,041
1,931
1,895
1,875
2,102
2,160
2,174
2,239
2,003
1,847
1,816
1,733

NA = Not available.
11 Includes lard and edible tallow. 21 Includes small quantities of other fats
and oils. 31 Preliminary.

Table 50--Lard: Supply, disappearance, and price, U.S., 1975-1997


---------------------------------------------------------------------------------------------------------------------------------------------------Disappearance
Per capita
Supply
--------------------------------------------_ ...------...... --------- -------------------------------------------------- domestic
Price
Imports
Total
Domestic
Exports
Total
Direct disappear21
Stocks
Production
Calendar
ance
use
Jan. 1
11
year
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ ... _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ . . _ _ . . . . . . . . . _ _ ... -

_ _ _ _ _ _ 00 _ _ _ _ _ _ - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

---------------------------------------------------------------------Million pounds--------------------------------------------1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997

36
28
34
29
38
50
49
37
37
34
39
35
22
33
37
32
25
37
23
38
41
38
19

1,012
1,060
1,038
1,006
1,129
1,207
1,159
1,011
973
939
927
876
863
932
935
919
952
1,025
1,005
1,034
1,040
998
993

NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
3
3
2
3
3
1
1
1

1,048
1,088
1,072
1,035
1,167
1,257
1,208
1,048
1,010
973
966
911
885
965
972
954
980
1,065
1,031
1,074
1,082
1,038
1,013

932
873
861
877
1,021
1,116
1,021
908
887
845
826
785
745
801
830
832
822
905
879
897
920
917
901

88
181
182
120
96
92
150
103
89
89
105
104
107
127
110
97
121
137
114
137
124
101
90

1,020
1,054
1,043
997
1,117
1,208
1,171
1,011
977
934
931
889
852
928
940
929
943
1,041
993
1,034
1,044
1,018
991

688
638
557
530
569
589
573
586
488
491
426
417
441
433
442
468
429
426
449
598
585
606
615

4.3
4.0
3.9
3.9
4.5
4.9
4.4
3.9
3.8
3.6
3.5
3.2
3.1
3.3
3.4
3.3
3.3
3.5
3.4
3.4
3.5
3.5
3.4

30.9
17.8
21.3
23.2
25.6
20.7
20.3

N.A.
N.A.
28.2
19.6
13.7
14.8
16.3
14.1
13.3
13.5
13.3
15.4
17.5
20.3
21.9
23.4

NA = Not available.
11 ERS estimate after 1989, Census ended publication of lard production in July 1989. 21 Loose, average wholesale, tanks, Chicago.
70

Oil Crops Situation and Outlook/OCS-1998/0ctober 1998

Economic Research Service/USDA

Table 51--Butter (actual weight): Supply, disappearance, and price, U.S., 1975-1997

--_ ..---- .... -------_ ... ---------_ ..---- ....------------------------------------------------------------_... ----------------- ...--------------------------Disappearance

Supply

-------------------------------------------------------------------------------------------------------------------------

Calendar
year

Stocks Production
Jan. 1

Imports

Total

Domestic Export and


shipments

Total

Per
capita

Price
1/

-------------------- .. _..-------------------------------------------------------------------------------------------------------------------------

--------------------------------------------Million pounds----------------------------------------------1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997

49
11
47
185
207
178
305
429
467
500
310
217
252
147
215
275
417
550
455
244
80
19
13

984
979
1,086
994
985
1,145
1,228
1,257
1,299
1,103
1,248
1,202
1,104
1,207
1,295
1,302
1,336
1,365
1,315
1,296
1,264
1,174
1,151

2
2
2
2
2
2
3
3
3
3
4
4
5
5
5
5
5
4
4
3
4
11
12

1,035
992
1,135
1,181
1,194
1,325
1,536
1,689
1,769
1,606
1,562
1,423
1,361
1,359
1,515
1,582
1,758
1,919
1,774
1,543
1,348
1,204
1,176

3
4
4
5
5
3
132
212
120
133
181
57
82
42
163
70
108
308
321
208
143
42
41

1,021
941
946
969
1,011
1,017
975
1,010
1,149
1,163
1,164
1,114
1,132
1,102
1,077
1,095
1,100
1,114
1,209
1,255
1,186
1,148
1,114

1,024
945
950
974
1,016
1,020
1,107
1,222
1,269
1,296
1,345
1,171
1,214
1,144
1,240
1,165
1,208
1,422
1,530
1,463
1,329
1,190
1,155

Lb.
4.7
4.3
4.3
4.4
4.5
4.5
4.2
4.3
4.9
4.9
4.9
4.6
4.7
4.5
4.4
4.4
4.4
4.4
4.7
4.8
4.5
4.3
4.2

$/Ib.
0.79
0.92
0.98
1.10
1.22
1.39
1.48
1.48
1.47
1.49
1.40
1.45
1.40
1.32
1.28
1.02
0.99
0.83
0.74
0.67
0.76
1.00

------------------------------------------------------------------------------------------------------------------------------------------------

1/ Creamery, Grade A wholesale, bulk, carlots, Chicago.

Table 52--Edible tallow: Supply, disappearance, and price, U.S., 1975-1997


-----------------------------------------------------------------------------------_.. -------------------------------------------------------------------------

Supply

Disappearance

---------------------------------------------------------

Calendar
year

Stocks
Jan. 1

Production

Imports

Total

----------------------------------------------------------

Domestic

Exports

Total

Direct
use

Per capita
domestic
disappearance

Price
1/

--------------------------------------------------------------------------------------------------------------------------------------------------------------

--------------------------------------------Million pounds, rendered basis--------------------------------------1975


1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997

33
38
48
42
55
57
56
54
59
43
69
41
33
40
48
38
37
39
33
33
36
43
33

513
535
598
835
905
1,043
1,130
1,110
1,260
1,340
1,611
1,523
1,258
1,296
1,167
1,207
1,251
1,527
1,425
1,557
1,536
1,520
1,488

NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
6
11
8
12
16
18
5
6

546
573
645
877
960
1,100
1,186
1,164
1,319
1,386
1,647
1,564
1,291
1,336
1,216
1,251
1,299
1,574
1,470
1,606
1,590
1,568
1,527

506
492
587
802
811
926
958
992
1,119
1,237
1,477
1,407
1,115
1,043
830
802
827
1,042
974
1,043
1,091
1,123
964

2
34
16
20
50
88
142
75
107
54
80
62
65
139
202
270
285
333
310
295
279
218
185

208
526
603
822
903
1,044
1,132
1,105
1,273
1,350
1,606
1,531
1,251
1,288
1,177
1,214
1,260
1,541
1,437
1,570
1,547
1,535
1,475

NA
NA
NA
NA
87
241
223
303
482
407
458
428
220
198
73
136
364
613
565
632
710
796
648

Lbs.

Centsllb.

2.3
2.3
2.7
3.6
3.8
4.1
4.2
4.3
4.8
5.2
6.2
5.8
4.6
4.3
3.4
3.2
3.3
4.1
3.8
4.0
4.1
4.2
3.6

NA
NA
NA
22.80
26.20
21.60
30.30
NA
NA
28.74
20.14
13.49
15.60
17.86
15.76
14.62
14.25
15.54
16.2
18.42
21.35
22.03
23.23

N.A. = Not available.


1/ Loose, average wholesale, Chicago.
Economic Research Service/USDA

Oil Crops Situation and Outlook/OCS-1998/0ctober 1998

71

Table 53--World oilseed production, 1992/93-1998/99


Crop year
Item
1992/93

1993/94

1994/95

1995/96

1996/97

1997/98

1998/99 1/

--------------------------------------------Million metric tons----------------------------------Soybeans


Cottonseed
Peanuts
Sunflowerseed
Rapeseed
Copra
Palm kernel
Total

117.34
31.60
23.11
21.28
25.31
4.92
3.99

117.83
29.49
25.23
20.83
26.80
4.97
4.25

137.73
32.90
27.20
23.48
30.38
5.48
4.62

124.98
35.93
27.14
25.89
34.52
5.03
4.99

131.73
34.36
28.44
23.91
31.61
5.82
5.32

156.09
34.69
27.14
23.91
34.28
5.51
5.18

156.39
33.05
27.61
26.46
36.35
5.38
5.58

227.55

229.40

261.80

258.49

261.19

286.79

290.81

1/ Forecast.

Table 54-World vegetable and marine oils production, 1992/93-1998/99

1992/93

1993/94

1994/95

1995/96

1996/97

1997/98 1998/99 1/

--------------------------------------------Million metric tons----------------------------------Soybeans


Palm
Sunflowerseed
Rapeseed
Cottonseed
Peanut
Coconut
Olive
Fish
Palm Kernel
Total

17.22
13.04
7.37
8.40
3.67
3.60
3.10
1.80
1.19
1.74

18.25
13.76
7.08
9.04
3.38
3.94
3.09
1.76
1.52
1.88

19.76
14.94
8.21
10.10
3.73
4.23
3.41
1.77
1.41
2.17

20.18
16.21
8.98
11.37
4.15
4.15
3.08
1.44
1.41
2.17

20.68
17.59
8.59
10.86
3.88
4.50
3.58
2.30
1.19
2.31

22.84
16.97
8.46
11.65
3.79
4.21
3.40
2.35
0.89
2.27

23.15
18.16
9.06
12.23
3.77
4.40
3.34
2.40
1.24
2.42

61.12

63.69

69.56

73.15

75.48

76.84

80.16

1995/96

1996/97

--------------------------------..._______00_...____-------_________......___............_______________________________________________________

1/ Forecast.

Table 55--World protein meal production, 1992/93-1998/99

1992/93

1993/94

1994/95

1997/98

1998/99 1/

--------------------------------------------Million metric tons----------------------------------Soybeans


Cottonseed
Rapeseed
Sunflowerseed
Fish
Peanut
Copra
Palm Kernel
Total

76.45
11.46
14.00
8.61
5.90
5.11
1.64
2.04

81.28
10.67
14.85
8.38
7.16
5.46
1.68
2.25

87.20
11.74
16.53
9.50
6.59
5.99
1.87
2.40

89.10
13.10
18.56
10.12
6.50
5.73
1.69
2.60

91.81
12.23
18.02
9.94
6.41
6.17
1.96
2.78

100.10
11.86
19.05
9.83
5.10
5.53
1.87
2.71

101.86
11.74
19.83
10.33
6.44
5.80
1.84
2.89

125.20

131.71

141.12

147.40

149.32

156.05

160.72

-------------------------------.. _------------------- ..---------------------------------------------------------------------------1/ Forecast.

72

Oil Crops Situation and Out/ook/OCS-1998/0ctober 1998

Economic Research Service/USDA