“Crop ratings slipped 1% to 57% G/E. Composite ratings fell to a new seasonal low while still just above the historical average. Ratings fell 9% in NE, 6% in MI, and 4% in IA and KY. Harvest advanced only 8% to 25%, also the slowest in seven years and below the five-year average of 33%. The Bloomberg survey shows traders expect U.S. soybean production will increase 3 mil. bu. to 4.538 bil. with yields up 0.1 bpa to 52.9 bpa. Ending stocks are expected to slip 1 mil. bu. to 309 mil. My production forecast at 4.510 bil. bu. and yield at 52.5 bpa are at the lower end of the range. Same with my ending stocks forecast at 290 mil. Bu.,” Soderberg said.