US soybean 2019-20 yield forecast unchanged at 47.4 bu/acre

New Delhi — The US Department of Agriculture kept its US soybean yield forecast for the 2019-20 marketing year (September-August) unchanged 47.4 bushels per harvested acre, it said in its World Agriculture Supply and Demand Estimate report Tuesday.

The planted area estimate for 2019-20 was unchanged at 76.1 million acres, while the forecast for harvested area was also steady at 75 million acres, the report said.

USDA kept its US soy production forecast unchanged at 3.558 billion bu.

Export estimates for the marketing year were increased by 50 million bu from the January report to 1.825 billion bu, USDA said, as it factored increased imports by China due to the Phase 1 trade deal signed on January 15.

US-origin soybean ending stocks for 2019-20 are forecast down 50 million bu at 425 million bushels, unchanged on last month's estimates, the USDA said.

S&P Global Platts Analytics forecast the 2019-20 US soybean yield at 45.8 bu/harvested acre in January, while the average market estimates were 46.6 bu/harvested acre last month.

Platts Analytics estimated US soybean planted area this marketing year at 76.7 million acres and harvested area at 75.9 million acres in January.

The average market estimate for the 2019-20 US soybean harvested area was 75.75 million acres last month.

Additionally, in January, Platts Analytics estimated US soybean production in 2019-20 at 3.476 billion bu and ending stocks at 429 million bu. Average market estimates for 2019-20 soy production were at 3.512 billion bu, with ending stocks at 443 million bu.

USDA forecast the 2019-20 season average price for US soybeans at $8.75/bu, down 25 cents from the January WASDE report.

Its US soybean meal price forecast was unchanged at $305/st and its soybean oil price forecast was lowered 0.5 cents/lb to 33.5 cents/lb in 2019-20.