The USDA previously forecast in its July supply and demand report that the 2022/23 soybean acreage estimate was lowered to 88.3 million acres. The soybean yield was estimated at 51.5 bushels per acre, and the soybean production estimate was lowered to 4.505 billion bushels. The annual June estimate is 4.64 billion bushels, focusing on the market’s forecast for the U.S. new bean acreage and yield in the August supply and demand report. As the mid-to-long-term weather forecast shows that the Midwest producing areas of the United States are still dominated by high temperatures and dryness during the critical period of soybean growth. The weather throughout August and in most areas is similar as it was in July. At present, the weather is uncertain, and US soybeans have entered the stage of weather trading, and the market will pay more attention to the weather in the production area in the later stage. Concentrated transactions will become more frequent, and the weather speculation in the production area will be more conducive to a bullish market, and the price of US soybeans is easy to rise and difficult to fall.
