USDA’s Crop Production report in October forecasts a 2018/19 soybean crop of 4.69 billion bushels based on a 514,000-acre reduction in expected harvested acreage.
In contrast, the soybean yield improved slightly to 53.1 bushels per acre from the September forecast of 52.8 bushels.
Forecasts of U.S. exports and crush were unchanged at 2.06 billion and 2.07 billion bushels, respectively.
Due to an increase for beginning stocks, 2018/19 season-ending stocks would swell to an extraordinarily high 885 million bushels.
The forecast of the 2018/19 U.S. average farm price is unchanged at $7.35-$9.85 per bushel.
