Market Outlook

USDA’s Acreage report last month indicated that the 2020/21 soybean acreage is 83.8 million acres, a 10-percent recovery from 2019/20. A slightly higher harvested acreage estimate raises USDA’s forecast of 2020/21 soybean production by 10 million bushels from last month to 4.135 billion and from 3.55 billion last year. Changes for domestic soybean demand hike the expected season-ending stocks by 30 million bushels to 425 million. USDA raised its forecast of the 2020/21 U.S. average farm price by 30 cents per bushel this month to $8.50.