An ag economist says soybean futures were caught off guard by USDA’s drop in expected new crop soybean production.
Ben Brown with the University of Missouri’s Food and Agricultural Policy Research Institute tells Brownfield the lower soybean production expectation mostly came from the Eastern Cornbelt.
“Down five percent in Indiana which is the fourth largest producer of soybeans in the United States, down three percent in Ohio which is about the eighth,” Brown said.
