USDA: Soybean production down slightly
Soybean production is forecast at 3.05 billion bushels, down slightly from the October forecast and down 9 percent from last year. Based on November 1 conditions, yields are expected to average 41.3 bushels per acre, down 0.2 bushel from last month and down 2.2 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, unchanged from October but down 4 percent from 2010.