USDA forecasts record soybean production

OMAHA -- USDA on Thursday called for record soybean production and large ending stocks in its October round of World Agricultural Supply and Demand Estimates (WASDE) and Crop Production reports.Farmers are expected to harvest 53.1 bushels per acre of soybeans, up from last month's 52.8 bpa forecast. Overall production, at 4.69 billion bushels, is slightly lower than last month's estimate. Both are within the range of pre-report expectations.New-crop (2018-19) soybean ending stocks were pegged at 885 million bushels on higher beginning stocks. USDA left soybean use unchanged.On corn, USDA estimated national average yields at 180.7 bpa with production at 14.8 billion bushels. While that's down slightly from last month's estimate of 181.3 bpa and 14.83 bb, respectively, it'd still be the highest yield on record and second highest level of production.This month's Crop Production forecast is noteworthy because it becomes statistically more accurate.Thursday's new U.S. ending stocks estimates were bullish for corn and neutral for soybeans and wheat, said DTN Analyst Todd Hultman. World ending stocks estimates from USDA were neutral for corn, bearish for soybeans and slightly bullish for wheat, he said.