Soybean production is forecast at 3,888 million bushels, down 47 million with higher yields only partly offsetting reduced harvested area, the U.S. Department of Agriculture reported Friday morning.

Soybean yield is forecast at 47.2 bushels per acre, up 0.1 bushels from the September forecast, according to USDA’s October World Agricultural Supply and Demand Estimates report. Harvested area is reduced 1.1 million acres to 82.4 million. Soybean supplies for 2015-16 are projected 66 million bushels below last month with lower beginning stocks and production.

U.S. soybean exports for 2015-16 are reduced 50 million bushels to 1,675 million on the slow pace of sales and increased competitor supplies, the report said.

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