The USDA's latest Crop Production report showed that soybean production is forecast at 2.97 billion bushels, up 4 percent from October but down 4 percent from last year.

Based on November 1 conditions, yields are expected to average 39.3 bushels per acre, up 1.5 bushels from last month but down 2.6 bushels from last year. Compared with last month, yield forecasts are higher or unchanged across all States except for Oklahoma and Texas. Area for harvest in the United States is forecast at 75.7 million acres, unchanged from October and up 3 percent from last year.