Market Outlook

Soybeans and Oil Crops, September 2017


Modestly Higher Soybean Yields Offset a Reduced Stocks Carryover

USDA’s Crop Production report this month raised its forecast of the 2017/18 U.S. soybean yield to 49.9 bushels per acre, from 49.4 bushels in August. With harvested acreage unchanged, the yield increase boosts this year’s forecast soybean production by 50 million bushels to 4.431 billion. More growth for a record supply of soybeans led USDA to raise its forecast of 2017/18 soybean exports by 25 million bushels this month to 2.25 billion. Season-ending stocks for 2017/18 are forecast unchanged at 475 million bushels.

Global soybean production for 2017/18 is forecast up 1.1 million metric tons to 348.4 million. Higher forecast production for the United States and Bolivia this month offsets reductions for Uruguay, Serbia, and the EU. Soybean imports by China for 2017/18 are forecast expanding to 95 million tons from 94 million last month.

The September Soybeans & Oil Crops Outlook report and previous reports are available here: