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The U.S. Department of Agriculture painted a clearer picture of soybean and corn production prospects for this year’s harvest on Friday. In addition, recent USDA trade data, along with business news articles, have provided further perspective on U.S. soybean exports, particularly as it relates to China. Today’s update explores a few of these issues in more detail.
USDA Production and Trade Updates
A news release Friday from USDA’s National Agricultural Statistics Service (NASS) stated that, “U.S. farmers are expected to produce a record-high soybean crop this year, according to the Crop Production report issued today by [NASS]. Up 4 percent from 2017, soybean production is forecast at record high 4.59 billion bushels, while corn growers are expected to decrease their production slightly from last year, forecast at 14.6 billion bushels.”
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