USDA did not change its soybean production forecast from last month, at 3.285 billion bushels, noting “Although adverse weather has slowed soybean planting progress this year, area and production estimates are unchanged with several weeks remaining in the planting season.” In March, USDA projected U.S. soybean acres at 76.6 million acres.

Soybean exports for 2010-11 were reduced 10 million bushels to 1.54 billion bushels reflecting the export pace to date and reduced global import demand. U.S. soybean exports for 2011-12 are reduced 20 million bushels to 1.52 billion bushels, reflecting increased competition from South America. Ending stocks for 2011-12 were increased 30 million bushels to 190 million.