In the July WASDE report, USDA increased new crop soybean ending stocks 30 million bushels to 425 million, a slight increase from some trade expectations. U.S. soybean production is forecast at 4.14 billion bushels, up 10 million on the increased harvested area and in-line with trade expectations. Soybean yield estimates are unchanged at 49.8 bushels per acre. Soy crush is increased 15 million bushels, reflecting an increase in domestic soybean disappearance. The USDA has the season-average soybean price at $8.50 per bushel, up 30 cents, partly due to the higher price expectations in the June acreage report.
