USDA lowered soybean production slightly in the January Crop Production Report. Yield was reduced by 0.1 bushels per acre resulting in a small 9 million bushel reduction in production, which is estimated at 2.585 billion bushels. This year's soybean yield of 41.2 bushels per acre is 1.5 bushels less than last years 42.7 bpa. Harvested acres were left unchanged from last month at 62.8 million acres.
Soybean exports and crush projections were left unchanged from last month. Ending stocks for soybeans were thus lowered from 185 million bushels down to 175 million bushels. This is the lowest ending stocks figure since the 2003 crop. USDA raised the season-average farm price 65-cents on both ends of the range and is now estimated at $10.40 per bushel.
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