See the latest Soybeans & Oil Crops Outlook report.
Higher Yields Boost 2022/23 U.S. Soybean Production and Ending Stocks
The average U.S. soybean yield forecast is fractionally higher in this month’s Crop Production report at 50.2 bushels per acre. With the forecast of U.S. harvested area unchanged, the 2022/23 soybean production is lifted by 33 million bushels to 4.35 billion bushels. The slight bump in supply and higher domestic meal consumption, crush is raised 10 million bushels from the previous forecast to 2.25 billion bushels. With exports unchanged, soybean ending stocks are increased by 20 million bushels to 220 million bushels. The 2022/23 U.S. season-average soybean price forecast is unchanged this month at $14 per bushel.