Soybeans and Oil Crops, August 2019

New USDA survey data revised downward the estimate of sown soybean area for 2019/20 from the June Acreage report by 3.3 million acres to 76.7 million. Since the U.S. average soybean yield is unchanged at 48.5 bushels per acre, lower acreage is entirely responsible for reducing 2019/20 expected production this month by 165 million bushels to 3.68 billion. USDA’s forecast of U.S. soybean exports for 2019/20 is lowered by 100 million bushels this month to 1.775 billion. Overall, the outlook for season-ending stocks is trimmed by 40 million bushels to 755 million.

 

See the August Soybeans & Oil Crops Outlook report and previous reports.