By Jamie Martin
The U.S. soybean industry looks poised for growth in the 2024-2025 marketing year, with an expected supply of 4.8 billion bushels, which is an 8% increase compared to the previous year. This forecast, however, has seen a slight adjustment of a 20 million bushel decrease from last month's predictions.
According to the National Agricultural Statistics Service Acreage Report released on June 28, U.S. farmers have planted 86.1 million acres of soybeans, showing a 3% increase from the previous year. The yield per acre is projected to remain steady at 52 bushels.
The total U.S. soybean production for 2024-2025 is estimated at 4.4 billion bushels, which, despite being 15 million bushels lower than last month's forecast, is substantially higher by 270.3 million bushels than last year's output.
Despite the positive production outlook, the unchanged forecasts for soybean crushing and exports mean that the ending stocks for 2024-2025 are expected to be lower by 20 million bushels than previously forecasted, settling at 435 million bushels.
The season-average price per bushel for U.S. soybeans has been revised downwards by ten cents, now standing at $11.10. This adjustment reflects the market's response to the updated production and stock forecasts.
As the marketing year progresses, these figures provide critical insights for farmers, traders, and policy makers, helping to shape the strategies in the agricultural sector.
Photo Credit: istock-oticki
Categories: National