Lower U.S. soybean production on reduced harvest area

U.S. oilseed production for 2022/23 is projected at 132.7 million tons, down 3.9 million from last month with reductions for soybeans, canola, peanuts, and cottonseed partly offset by an increase for sunflowerseed. Soybean production is projected at 4.5 billion bushels, down 135 million on lower harvested area. Harvested area, forecast at 87.5 million acres in the June 30 Acreage report, is down 2.6 million from last month. The soybean yield forecast is unchanged at 51.5 bushels per acre. With lower production partly offset by higher beginning stocks, 2022/23 soybean supplies are reduced 125 million bushels. Soybean crush is reduced 10 million bushels reflecting a lower soybean meal export forecast. Soybean exports are reduced 65 million bushels to 2.14 billion on lower U.S. supplies, increased South American supplies, and lower global imports. With lower supplies only partly offset by reduced use, ending stocks for 2022/23 are projected at 230 million bushels, down 50 million ...