USDA raised its U.S. soybean yield forecast for 2013/14 this month to 43 bushels per acre. Partly offset by a lower harvested area estimate, soybean production was forecast 109 million bushels higher this month to 3.258 billion. Improved soybean supplies and strong sales commitments led USDA to raise its 2013/14 export forecast by 80 million bushels to 1.45 billion. Better export demand for soybean products also helped push up the soybean crush forecast by 30 million bushels this month to 1.685 billion.
Based on lower yields from excessive rainfall, USDA lowered its 2013/14 forecast of Indian soybean production this month by 500,000 metric tons to 11.8 million. A reduced supply is expected to lower the country’s soybean crush by 500,000 tons to 9.5 million tons. The subsequent constraints on soybean meal output may curtail Indian soybean meal exports in 2013/14 to 3.55 million tons, compared to 4.1 million last year.
Source: USDA