WASHINGTON, Jan. 12: The U.S. Department of Agriculture released a report on Wednesday (Jan. 12) that projected U.S. soybean production in 2021/22 to reach a record level, higher than earlier forecasts. Meanwhile, the U.S. Department of Agriculture lowered its forecast for soybean production in Brazil and Argentina. That means the soybean market will be susceptible to South American weather going forward, analysts said.
The final U.S. Department of Agriculture production report puts the 2021/22 U.S. soybean production at 4.435 billion bushels, based on an average yield of 51.4 bushels per acre, up from the December forecast of 4.425 billion bushels and an average yield of 51.2 bushels per acre, respectively. Po. Ahead of the report, analysts on average expected the report to show U.S. soybean production at 4.443 billion bushels and yields of 51.3 bushels per acre.