New Delhi — The US Department of Agriculture kept its US soybean 2019-20 marketing year (September-August) yield forecast at 48.5 bushels per harvested acre, unchanged from the July estimate, due to delayed soy planting progress throughout the major producing states, it said in its World Agriculture Supply and Demand Estimate report Monday.

Planted area for US soybean in 2019-20 is seen at 76.7 million acres, down 4.1% on the July estimate, the USDA said. Soybean harvested area for 2019-20 was down 4.2% on July estimates at 75.9 million acres. Production is projected at 3.680 billion bushels, down 4.2% from July's forecast due to lower planted and harvested area. Export estimates for the marketing year were down 5.3% on July at 1.775 billion bu.

S&P Global Platts Analytics forecasts the 2019-20 US soybean yield at 45.8 bu/harvested acre, while the market estimates are at 47.6 bu/harvested acre.

Platts Analytics estimates US soybean planted area this marketing year at 81.5 million acres, while the market estimates are at 87 million acres. And Platts Analytics estimates for the harvested area are 80.7 million acres, while the market estimates are 79.9 million acres.

US-origin soybean ending stocks for 2019-20 are projected at 755 million bu, down 5% on July estimates, the USDA said. The 2019-20 season average price for US soybeans is forecast at $8.40/bu, unchanged on last month, it said.

US soybean meal prices are forecast at $300/st, unchanged on July estimates, it said.

The US soybean oil price forecast is unchanged at 29.5 cents/lb in 2019-20, the report said.

-- Asim Anand, aanand@spglobal.com

-- Edited by James Burgess, newsdesk@spglobal.com