Soybean farmers will harvest a record 3.816 billion bushels this year, compared with 3.8 billion (103.4 million metric tons) estimated in July, the U.S. Department of Agriculture said this week in a report after completing its first surveys of farmers and fields.
Rain and milder weather created ideal Midwest growing conditions, and prices fell 6.5 percent in July.
Domestic reserves before the start of the 2015 harvest will be 430 million bushels, up from this year’s projection of 140 million, the USDA said. Rising supplies will cut feed costs for producers of poultry, hogs and cattle, making it easier to increase meat production after beef and pork in wholesale markets jumped to records this year.
USDA said domestic corn inventories will reach 1.808 billion bushels before the start of the 2015 harvest and puts yields at 167.4 bushels an acre.
