August WASDE

A quick look at the WASDE numbers.  Soybean yield per harvested acre increased by 1.4 bushels, moving from 48 bushels per acre to 49.4.  This bumped production/supply higher.  The crush was reduced and exports increased, leading to a slight 15 million bushel increase to ending stocks.

Soybean oil saw a reduction to production, due to lowered crushing expectations.  This led to a 230-million-pound reduction in stocks, which are…