U.S. Soybean Crop Is Smaller Than Expected, Breaking Price Slump
- Key report also trims soybean exports amid China demand slump
- Even with cut, U.S. soy production pegged at 2nd biggest ever
Soybeans are harvested in Wyanet, Illinois, in 2020.
Photographer: Daniel Acker/BloombergThis article is for subscribers only.
Soybean bulls got a surprise boost after a key report forecast a smaller-than-expected U.S. harvest.
Production, still pegged to be the second biggest ever, was lowered from last month’s estimate, which signaled a record large crop. The cut stemmed from yields in big growing states like Iowa that ended up less robust than anticipated, according to the U.S. Department of Agriculture’s November supply-and-demand report, or WASDE.