Reduced forecasts for both US domestic corn and soybean production on Thursday, with the soy due to a reduction in acres while the corn harvest will be lower due to smaller-than-expected yields. The corn crop was seen at 14.778 billion bushels, based on an average record yield of 180.7 bushels per acre. Soybean production was estimated at 4.690 billion bushels, with yields averaging a record 53.1 bushels per acre. Soybean end stocks were seen at 885 million bushels which if realised will be an all time high.
Conab expects Brazil to export 76 million tonnes of soybeans in 2018, an all-time high since records began, and 75 million tonnes in 2019. Production figures for soybeans in 2019 was seen at 119.42 million tonnes in line with this current year’s record production.