Oil Crops Outlook: September 2020
Higher Soybean Prices Led by Lower Supply, Brisk Export Sales
Based on dry August conditions for several States, USDA’s Crop Production report forecast the national average soybean yield down to 51.9 bushels per acre from 53.3 bushels last month. Consequently, USDA scales back the 2020/21 soybean crop by 112 million bushels to 4.313 billion. With USDA’s forecasts of 2020/21 soybean demand unchanged this month, the entire supply reduction cuts the outlook for season-ending stocks by 150 million bushels to 460 million. USDA’s forecast of the 2020/21 average farm price is raised to $9.25 per bushel from $8.35 last month.
See the Oil Crops Outlook.