USDA Report: Soybean Snippets

This afternoon's eagerly awaited USDA crop report pegged 2008 US soybean production lower than last month's estimate of 2.973 billion bushels, and also below the average trade estimate of 2.950 billion at 2.934 billion bushels, slicing half a bushel/acre off the yield estimate to 40 bu/acre.

The Brazilian crop was left unchanged at 62.50MMT and Argentine production upped a million to 50.50MMT. Chinese production was raised half a million to 16.5MMT.