Soybeans and Oil Crops, November 2017 (summary)
Export Competition Suppresses Expansion of U.S. Soybean Sales
USDA's November Crop Production report forecasts the 2017/18 yield for soybeans at 49.5 bushels, down slightly from last month. The estimate of U.S. harvested area is unchanged at 89.5 million acres, so the yield reduction trims the 2017/18 forecast of the soybean crop by 5 million bushels to 4.425 billion. The forecast of the 2017/18 domestic crush is also unchanged, so this month’s entire production decline for soybeans results in a lower season-ending stocks forecast at 425 million bushels. Based on current price levels for crop marketing, the outlook for the U.S. season-average farm price is seen slightly higher at $8.45-$10.15 per bushel.