USDA Lifts Soybean Estimate 6%

WASHINGTON - Sep 12/06 - SNS -- U.S. soybean production is forecast at 3.09 billion bushels, up 6% from the August forecast and up slightly from last year, according to the USDA's latest crop production estimates, for the potential to be the second largest crop on record.

Despite the increase, the USDA number is slightly behind the average pre-report trade guess. Surveys by Dow Jones found the average guess was 3.093 billion bushels, with guesses ranging between 2.994 billion bushels and 3.192 billion bushels.

Based on September 1 conditions, yields are expected to average 41.8 bushels per acre, up 2.2 bushels from August but down 1.5 bushels from last year's record high yield. Compared with last month, yields are forecast higher across the Corn Belt and most of the northern and central Great Plains.

Near or above normal moisture in those areas during August improved crop conditions. In contrast, yields are down or unchanged from the August 1 forecast across the Gulf Coast States and Atlantic Coast States, with the exception of South Carolina. Area for harvest is forecast at 73.9 million acres, unchanged from August but up 4% from last year.

The September 1 objective yield data for the combined 7 major soybean producing States (Illinois, Indiana, Iowa, Minnesota, Missouri, Nebraska, and Ohio) indicate only slightly lower pod counts from last year's record high pod counts.

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