According to the USDA's latest Crop Production report, soybean production is forecast at 2.63 billion bushels, down 2 percent from August and down 14 percent from last year. Based on September 1 conditions, yields are expected to average 35.3 bushels per acre, down 0.8 bushel from last month and down 6.2 bushels from last year.

Compared with last month, yield forecasts are lower or unchanged across the Great Plains and most of the Corn Belt as lingering drought conditions continued to hamper yield expectations. Area for harvest in the United States is forecast at 74.6 million acres, unchanged from August but up 1 percent from last year.

The soybean/oilseed World Agricultural Supply and Demand Estimates (WASDE) report can be read here.