Soybeans and Oil Crops, January 2020 (summary)
Soybean Prices Supported by Strengthening Soybean Oil Market
In its Crop Production—2019 Summary report, USDA published an estimate of the 2019/20 U.S. soybean crop at 3.558 billion bushels, up 8 million from the previous forecast. The small production gain for soybeans is based on an increase for the U.S. average yield by 0.5 bushel to 47.4 bushels per acre. USDA’s forecast of U.S. soybean exports for 2019/20 is unchanged at 1.775 billion bushels. With the forecast of domestic crush also unchanged, season-ending soybean stocks are still seen at 475 million bushels.