Soybeans Forecasted to Set Production Record

Soybeans are on target to set a production record. According to a USDA crop production report released today, soybean production is forecasted at 3.38 billion bushels, up 0.5 percent from the previous record set in 2009. Growers are expected to harvest a record-high 76.8 million acres of soybeans, up 0.6 percent from last year. Based conditions reported Oct. 1, soybean yield is expected to average 43.9 bushels per acre, which is down 0.2 percent from 2009. Review the report.