Soybean numbers in USDA’s September supply and demand report caught some analysts off guard.
Randy Mittelstaedt, Head of Market Insights with R.J. O’Brien says it is usually October before USDA makes a planted acreage revision, but they dropped the soybean estimate by 570,000 acres to 87.5 million, based on farmer surveys.
“Quite frankly, we thought there was a possibility of a slight uptick if anything. So, that was clearly a surprise.”
USDA also dropped their soybean yield projection from 51.9 to 50.5 bushels per acre.