Record Soybean Crop Is Expected in US

USDA analysts have adjusted the forecast for the soybean crop in 2022. Despite the abundance of rain during the spring season in the Midwest, the harvest is expected to be a record one. This is stated in the updated USDA report for August 2022.

Earlier, traders were waiting for information regarding the development of crops and re-examination of soils in the states of Minnesota, North Dakota, and South Dakota. The information was encouraging. According to the USDA, based on surveys of 88.025 million acres of cultivated area, the expected yield will be up to 59.1 bushels per 1 acre.

According to experts, the upward revision of yields compensates for the reduction in sown areas. The total estimated crop size is 4.53 billion bushels (123.3 million tons). Some analysts are convinced that over the past 2 years, the US has underestimated the soybean crop.