The soybean production forecast shows this year’s crop likely will not make a one-percent gain from last year. However, growers continue to face pressure regarding prices.
“Soybean production is currently forecast at 4.4 billion bushels, and that would be up to 270 million bushels year over year. Soybean prices have also been under some pressure lately. We reduced our season average price forecast for the new crop by $0.10; currently forecast at $11.10 per bushel, down $1.40 year over year,” said Mark Jekanowski.
That price reduction would come out to around 11 percent. This comes as grain farmers brace for lower profits and uncertainty about demand for biofuels.
