Soybeans and Oil Crops, July 2019 (summary)
Spring Soybean Acreage Decline May Trim 2019/20 Stocks Outlook
USDA’s Acreage report last month indicated that 2019/20 soybean acreage has fallen 10 percent from a year ago to 80 million acres. Coupled with a reduced 2019/20 soybean yield forecast of 48.5 bushels per acre, the July production forecast is lowered by 305 million bushels to 3.845 billion. Moderately tighter U.S. supplies may boost prices in 2019/20, which are now seen averaging 15 cents higher to $8.40 per bushel. This prompted USDA to lower its forecast of 2019/20 soybean exports by 75 million bushels this month to 1.875 billion. This tempers the expected decline in season-ending stocks to 795 million bushels—down 250 million from last month.
See the July Soybeans & Oil Crops Outlook report and previous reports.