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: Veteran Farmers: A Legacy of Service in Rural America

Veterans Day is a time to honor the men and women who have selflessly protected our freedoms and values. And for some, the transition from military service to civilian life brings them back to the farm.

At Farm Bureau, we believe it’s important to not only celebrate veterans but also those who continue to make a difference in agriculture and their community. We've partnered with Farm Credit to establish the Veteran Farmer Award of Excellence to shine a light on those who have continued to go above and beyond to serve their communities.

This year, we recognize retired Colonel Joe Ricker as the inaugural Veteran Farmer Award of Excellence winner. Joe served over 30 years in the Army before retiring from the Pentagon and completing tours in both Iraq and Afghanistan. Since leaving the Army, his commitment to excellence in farming and enriching the lives of veterans has blossomed in a myriad of ways in both his local community of Wilkinson, Indiana, and across the country. Joe grows apples and raises bees on his farm in Indiana. Joe founded “Veterans IN Farming,” an organization, now with more than 1,100 members, dedicated to providing veterans in Indiana with the tools and training to succeed in agriculture.

The American Farm Bureau Federation is an independent, non-governmental, voluntary organization, comprised of and directed by farm and ranch families who engage in all types of food, fuel and fiber production.