This is a drop of 43% compared to the USDA’s original estimate of 3 million tonnes.
As of March 23, only 3% of the crop had been harvested, the report said.
“Overall, producers will suffer noteworthy losses due to lower yields,” USDA said. “Land-owning producers may break even or achieve minimal returns without the additional rent expense, but based on information from local contacts, producers on rented area may lose at least $205 per hectare.”
Soybean crush for 2017-18 is revised down to 60,000 tonnes — a 20% decline from the previous crop year — due to lower soybean supplies.The USDA forecasts a recovery for both soybean production and crush in 2018-19. It predicts output of 3 million tonnes and crush at 80,000 tonnes, which is a return to pre-drought historical levels.