The October World Agriculture Supply and Demand Estimates (WASDE) were released earlier today. The 2022/23 soybean crush was reduced eight million bushels to 2.212 billion, while the 2023/24 crush estimate was raised 10 million bushels to 2.3 billion.
The 2023/24 soybean yield edged 0.8 bushels per harvested acre lower, resulting in an expected production decline of 42 million bushels to 4.104 billion bushels for the 2023/24 crop season. Despite the expected rise in the 2023/24 crush, soybean ending stocks were left unchanged. The loss in production was largely offset by a decline in exports, leaving ending stocks at 220 million bushels.
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