Globally, soybean production is expected to increase by 15%, spurred by higher prices and a yield rebound that will result in more acreage in South America for the crop to be planted later this year. USDA expects record crops in both Argentina and Brazil. China is expected to import about 61 million tons, up 5 million from the current year.
In the May crop production report, USDA forecast winter wheat production at 1.693 billion bushels. That includes 1.032 billion for hard red winter wheat, 428 million for soft red winter wheat, 14 million for white wheat, and 219 million for soft white wheat. That is up from 1.493 billion a year ago, helped by a 111 million bushel increase in the Kansas wheat production, and an 84 million bushel increase for Oklahoma. Percentage-wise, total production is up 13%, area to be harvested is up 10%. The average yield was placed at 47.6 bushels, up 1.4 bushels from 2011.