US soybean production expected to hit a record 125 million tons
Soybean
United States
Published Apr 9, 2022
Tridge summary
According to the US Department of Agriculture (USDA)'s March 31 forecast for the 2022-2023 crop year, soybean acreage will increase to an all-time high of 91 million acres. The trend line for US soybean yields has hovered around 51.5 bushels per acre in recent years, analysts said. So, if the yield trendline holds steady in 2022-2023, along with 91 million acres planted, a record soybean production scenario of over 125 million tons is very likely. With strong production expectations, soybean prices fell slightly by 15-18 cents to around $648/ton after the release of the USDA report.
Original content
According to the US Department of Agriculture (USDA)'s March 31 forecast for the 2022-2023 crop year, soybean acreage will increase to an all-time high of 91 million acres. The trend line for US soybean yields has hovered around 51.5 bushels per acre in recent years, analysts said. So, if the yield trendline holds steady in 2022-2023, along with 91 million acres planted, a record soybean production scenario of over 125 million tons is very likely. With strong production expectations, soybean prices fell slightly by 15-18 cents to around $648/ton after the release of the USDA report. Although prices have decreased slightly in recent days, the general price level is still quite high compared to the past few years. The world's top bean importer - China - has played an important role in increasing the price of this commodity over the years. According to a USDA Foreign Agricultural Service report on March 15, soybean demand from China is forecast to reach a ...
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