The September USDA report was friendly for the soybeans, neutral for corn and wheat markets. USDA is forecasting the U.S. soybean yield at 50.5 bushels per acre, a decline from the August estimate of 51.9 bushels per acre. That sent the soybean complex higher, up 60 cents at times. From a U.S. production standpoint, Total Farm Marketing Senior Market Advisor Naomi Blohm says this is a very bullish report. “USDA also lowered planted acres. We were at 88 million acres for soybeans and they lowered it to 87.5 million acres. That’s the bullish part of the report: they lowered the supply. This sets the tone for the rest of the year.” Traders figured USDA would lower demand. USDA lowered demand for soy crush and exports, but Blohm thought the cut to soybean exports would be more aggressive.
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