# National Beef Wire | WASDE: Oilseed Outlook | Total U.S. oilseed

> USDA's January WASDE raised the U.S. soybean meal season-average price forecast by $10 to $390 per short ton and lowered the soybean oil price by 4 cents to 57 cents per pound. Global oilseed production for 2023/24 was lowered to 661.0 million tons, mainly on Brazil and Argentina cuts.

- Date: 2024-01-11 · published 2024-01-11T12:00:00.000Z
- Category: report · region US · magnitude medium
- Page: https://feedsoft.ai/events/32225-national-beef-wire-wasde-oilseed-outlook-total-u-s-oilseed
- Commodities: [Soybean Meal](https://feedsoft.ai/c/SBM.md), [Soybean Oil](https://feedsoft.ai/c/SBO.md), [Soybeans](https://feedsoft.ai/c/SOY.md)

## Why it matters

Lower South American soybean output and a higher meal price forecast support soymeal values for feed buyers, while softer oil pricing reflects weaker vegetable oil demand expectations.

## Read by commodity

- SBM: bullish ▲
- SBO: bearish ▼
- SOY: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| SBM | 2020-12-10 | [CBOT weekly outlook: Some surprises in USDA's WASDE - AgCanada](https://feedsoft.ai/events/49579-cbot-weekly-outlook-some-surprises-in-usda-s-wasde-agcanada.md) | +2.6% | +15.1% |
| SBM | 2017-12-29 | [A Few Thoughts by John Nalivka: Big picture beef supply outlook for 2018 \| TSLN.com](https://feedsoft.ai/events/67601-a-few-thoughts-by-john-nalivka-big-picture-beef-supply-outlook-for-2018-tsln-com.md) | +2.0% | +8.2% |
| SBM | 2023-09-13 | [Tighter Global Oilseed Supplies Calls for Greater Operational Efficiencies - U.S. Soybean Export Council](https://feedsoft.ai/events/34138-tighter-global-oilseed-supplies-calls-for-greater-operational-efficiencies-u-s.md) | -3.1% | -7.7% |
| SBM | 2026-05-14 | [New Crop Soybeans Top $12 as USDA Raises Demand Outlook - American Soybean Association](https://feedsoft.ai/events/19297-new-crop-soybeans-top-12-as-usda-raises-demand-outlook-american-soybean.md) | -2.8% | -12.8% |
| SBM | 2022-12-20 | [USDA lowers 2022/23 global oilseed production forecast by 1M tonnes](https://feedsoft.ai/events/38366-usda-lowers-2022-23-global-oilseed-production-forecast-by-1m-tonnes.md) | +0.5% | +7.4% |
| SBO | 2026-06-25 | [Sunflower seeds: outlook for the 2026 crop - Mundus Agri](https://feedsoft.ai/events/12627-sunflower-seeds-outlook-for-the-2026-crop-mundus-agri.md) | -2.8% | +8.0% |
| SBO | 2024-02-15 | [A Look at the USDA's Soybean Oil Projections for 2024-25](https://feedsoft.ai/events/31771-a-look-at-the-usda-s-soybean-oil-projections-for-2024-25.md) | -3.8% | -0.5% |
| SBO | 2020-12-01 | [Outlook for Soybean Processors Remains Bright \| Feed & Grain](https://feedsoft.ai/events/49724-outlook-for-soybean-processors-remains-bright-feed-and-grain.md) | +2.6% | +12.1% |

## Sources

- nationalbeefwire.com: https://www.nationalbeefwire.com/wasde-oilseed-outlook-total-u-s-oilseed-production-for-2023-24-is-forecast-at-121-5-million-tons-down-slightly-due-to-a-reduction-for-cottonseed

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.