USDA Report - Soybeans

The USDA raised 2009 US production by 42 million bushels to 3.361 million, a tad higher than the average trade guess of 3.337 million, but fairly central within the range of trade estimates so there was no great shock there.

Yields were upped from 43.3 bu/acre last month to 44 bu/acre, a little higher than guesstimates of 43.4 bu/acre.

Ending stocks were dropped 10 million to 245 million bushels, but that was less than the 18 million bushels that the trade had been expecting.

World carryover was raised from 57.09 MMT to 59.8 MMT and Brazilian production increased by 2 MMT to 65 MMT.