According to the USDA's latest Crop Production report, soybean production is forecast at 3.06 billion bushels, down 1 percent from September and down 8 percent from last year.

Based on October 1 conditions, yields are expected to average 41.5 bushels per acre, down 0.3 bushel from last month and down 2 bushels from last year. If realized, the average yield will be the second lowest since 2003. Area for harvest is forecast at 73.7 million acres, down slightly from September and down 4 percent from 2010.

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