Earlier this month, the U.S. Department of Agriculture’s Economic Research Service (ERS) released its Oil Crops Outlook, “Adverse Weather Slashes U.S. Soybean Yields.”
The ERS report contained a detailed summary of recent USDA projections regarding oil seeds and noted that, “This month, USDA reduced the U.S. soybean yield forecast for 2012 to 36.1 bushels per acre from 40.5 bushels last month. Along with a 680,000-acre reduction in the harvested acreage estimate, the lower yield reduces the forecast of U.S. soybean production this month by 358 million bushels to 2.692 billion.”
The ERS report also contained a couple of graphs.
Included below, the first depicts U.S. soybean production and yield since 1993, while a separate graph illustrates soybean production in the U.S. and Brazil (click on the graphs for an expanded, full view).