Soybean supply to grow in 2024-2025

Jul 18, 2024

U.S. soybean acreage increases lead to higher supply forecast

By Farms.com

For the 2024-2025 marketing year, the U.S. soybean supply is forecasted to reach 4.8 billion bushels, reflecting an 8% increase over the previous year, despite a recent downward revision of 20 million bushels from last month's forecast.

The latest data from the National Agricultural Statistics Service indicates that 86.1 million acres of soybeans were planted, up 3% from last year. The anticipated yield remains constant at 52 bushels per acre, leading to a production forecast of 4.4 billion bushels. This represents a significant rise of 270.3 million bushels over last year's production, but a 15 million bushel decrease from prior estimates.

With steady demand projections for crushing and exports, the adjustment in production forecasts has led to a projected decrease in ending stocks for the year, now expected at 435 million bushels, 20 million less than previous estimates.

The average price for U.S. soybeans for the 2024-2025 season has been adjusted downward to $11.10 per bushel, reflecting minor corrections in market expectations based on the latest supply forecasts.

These developments are crucial for stakeholders in the agriculture sector, providing a basis for operational and investment decisions in the coming year.

Video: Learning to Wrench From Dad the Hard Way

Harvest is a week out and the farm picked this week to fall apart. The truck needs a battery, the barn curtain's got a problem, and the corn and beans are telling us we're out of time to get it all fixed.

So it's a full day of wrenching. Tork supervises while I get the truck back running, then we're out at the hog barn where one rusted up part has the whole curtain system hung up. Ladder work, cable work, and a little dad-and-son disagreement about the right way to do it. We close it out walking the fields, shelling beans and checking corn, because whether everything's fixed or not, harvest starts when harvest starts.

Chapters: 00:00 Everything breaks the week before harvest 01:00 Tork supervises while I fix the truck 12:30 Out to the barn to find the curtain problem 14:30 One rusty part hung up the whole curtain 20:00 Running the curtain cable from the ladder 24:00 Walking the beans and corn before harvest 26:30 Wrapping up

We're a 6th generation family farm in southeast Iowa showing the real ups and downs of pig farming and row crop farming. No script, just the work. Subscribe and follow along.

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