The U.S. Department of Agriculture has boosted its soybean production estimate.
In the monthly supply and demand report released Wednesday, the U.S.D.A. pegs the soybean harvest at 4.26 billion bushels.
That’s 68 million bushels higher than the September estimate. However, the USDA forecast was a little lower than expected, so soybean futures were a little higher following the report. The average soybean yield is forecast at 51.4 bushels an acre.
The U.S. corn production estimate is down slightly from last month, but still an all-time record.
Corn production is forecast to be just over 15 billion bushels, which works out to an average yield of 174.4 bushels an acre.
Expectations for bumper harvests have weighed on corn and soybean prices for months.
Soybean futures have sagged 21 percent from their 2016 peak hit during mid-June while corn has fallen 22 percent during the same time period.