The decline stems from a reduction for the U.S. average yield to 50.2 bushels per acre from the previous forecast of 50.7 bushels.
With record first-quarter demand, USDA edges up its forecast of the 2020/21 crush by 5 million bushels this month to an all-time high of 2.2 billion.
Based on this month’s crop and use changes, USDA forecasts a plunge in 2020/21 seasonending stocks from 525 million bushels in 2019/20 to a 7-year low of 140 million.
The 2020/21 U.S. average farm price for soybeans is seen climbing to $11.15 per bushel, its highest level since 2013/14.
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