USDA August Report: Soybean Production Projected to Hit Record High

The U.S. Department of Agriculture's August crop production report indicates that soybean and corn production remain strong, despite a slight dip in yield.

Soybean output is projected to hit a record this year, with planted acres expected to reach 86.765 million and harvested acres at 85.781 million, up 6.8% and 6.6% from the previous season respectively.

Average yield is forecast to decline 0.6% to 52.7 bushels per acre, while production is projected at a record 4.519 billion bushels.