USDA Ups Soybean Yields, Lowers Price Forecast.

Soybean yield forecast of 49.4 bushels per acre is 1.4 bushels above last month but 2.7 below last year’s record. With higher production and lower beginning stocks, soybean supplies for 2017/18 are projected at 4,777 million bushels, up 2 percent from last month. U.S. soybean exports are raised 75 million bushels to 2,225 million on increased supplies and lower prices. Crush is reduced on lower global soybean meal import demand. Soybean ending stocks are projected at 475 million bushels, up 15 million from last month.The U.S. season-average soybean price for 2017/18 is forecast at $8.45 to $10.15 per bushel, down 10 cents at the midpoint. The soybean meal price forecast of $295 to $335 per short ton is down $5.00 at the midpoint. The soybean oil price is forecast at 31 to 35 cents per pound, up 1 cent on both ends of the range.