U.S. soybean production is projected at 3.225 billion bushels, down 60 million due to reduced harvested area. Harvested area, estimated at 74.3 million acres, is 1.4 million below the June projection. Soybean yield is projected at 43.4 bushels per acre, unchanged from last month.

Exports for 2011-12 were reduced 25 million bushels to 1.495 billion reflecting lower U.S. supplies, increased supplies in South America this fall, and reduced global imports. U.S. soybean ending stocks are projected at 175 million bushels, down 15 million.

Global soybean production is projected at 261.5 million tons, down 1.3 million mostly due to lower production in the United States.