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USDA Soybean Numbers Surprising
WASHINGTON - Oct 12/07 - SNS -- Soybean production estimates for the United States surprised many traders, with the USDA reducing output 1% from September to 2.6 billion bushels, down 19% from last year's record high.
Surveys of traders prior to the release of today's crop production estimates found they expected output to increase from September. The average guess was 2.648 billion bushels, with ideas ranging between 2.583 and 2.722 billion.
The USDA said conditions as of October 1 point to a 41.4 bushels per acre average yield, unchanged from last month but down 1.3 bushels from last year. Compared with last month, yields are forecast lower in Illinois, Kentucky, Tennessee, Wisconsin, and most of the Atlantic Coast States.
Hot, dry conditions continued to cause most of the decline, especially in Delaware, Illinois, Kentucky, Virginia, and the Carolinas, all down at least 2 bushels from last month. Yields increased from the September 1 forecast in Iowa, Ohio, New York, the Dakotas, and most of the Gulf Coast States.
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