New crop soybean production is estimated at 4.5 billion bushels, down 135 million on lower harvested acres. Harvested area is estimated to be down 2.6 million from last month at 87.5 million acres. Lower production is partly offset by higher beginning stocks, lower crush and lower export demand. USDA lowered soybean crush by 10 million bushels and reduced exports 65 million bushels to 2.14 billion bushels. The season average soybean price for the 22/23 crop is estimated at $14.40 per bushel, down 30 cents from last month.
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