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USDA sees upcoming U.S. soybean crop as biggest ever

·1 min read

CHICAGO, May 12 (Reuters) - U.S. farmers will harvest a record large soybean crop for the second year in a row this year, but supplies will remain tight due to soaring demand, the government said on Thursday.

Soybean production for the 2022/23 marketing year that ends on Aug. 31 was seen at 4.640 billion bushels, the U.S. Agriculture Department said in its monthly World Agricultural Supply and Demand Estimates report.

The outlook compares with market expectations for 4.613 billion bushels. In the 2021/22 marketing year, U.S. soybean production totaled 4.435 billion bushels, the biggest to date. (Reporting by Mark Weinraub in Chicago. Editing by P.J. Huffstutter.)