The United States Department of Agriculture estimated a larger U.S. soybean crop in its monthly supply and demand outlook. This year U.S. Soybean production is forecast at 118.68 million tons, up from the average analyst estimate of 117.41 million tons. Higher production estimates are attributed to better yields averaged a record high of 52.5 bushels per acre, above analyst estimates of 52.0 bushels per acre.
Information source: www.skymetweather.com