As expected, the USDA left U.S. new crop soybean production unchanged at 4.1 billion bushels, with the average yield estimated at 49.8 bushels per acre. Soybean acreage is estimated at 83.5 million. New crop soybean ending stocks are lower than expected on a 15 million bushel increase in the soybean crush. USDA also left the new crop season average farm price unchanged from last month at $8.20 per bushel. Old crop soybean production was raised five million bushels to 585 million. The old crop season farm price is unchanged from last month at $8.50 per bushel.
Subscribe to RRFN
Get a weekly digest from RRFN to stay up-to-date on all the latest news in agriculture.