This month, USDA’s National Agricultural Statistics Service raised the 2023-2024 national average soybean yield to 49.9 bushels an acre in its Crop Production Report. That’s up from 49.6 bushels an acre in the previous report. This revision has increased the 2023-2024 soybean production forecast by 25 million bushels to 4.13 billion bushels.
Higher yields in Wisconsin, Tennessee, Ohio, North Dakota, and South Dakota have contributed to the higher yield forecast. With soybean crush and exports unchanged this month, soybean ending stocks for the 2023-2024 marketing year are now forecast at 245 million bushels. The season-average soybean price forecast is unchanged this month at $12.90 a bushel. With the U.S. soybean supply forecast for 2023-2024 at 4.43 billion bushels, 25 million higher than last month’s forecast with unchanged demand, soybean ending stocks were raised to 245 million bushels. U.S. soybean oil production for the 2022-2023 marketing year is finalized at 26.2 billion pounds.