USDA's July Forecasts Show Lower 2019/20 Soybean Production, Exports, and Ending Stocks
In the latest USDA's WASDE report posted July 11, 2019, the 2019/20 soybean production forecast was down 305 million bushels to 3.845 billion bushels month-over-month (Figure 1). This forecast reflected lower planted and harvested area indicated in the June 28, 2019 Acreage report and lower expected yields. Soybean planted acres for 2019 was estimated at 80.0 million acres, down 4.6 million acres from last month. This would be the lowest acreage since 2013; however, this estimate might change.