USDA predicts 3% decrease in soybean production for 2023
The USDA’s National Agricultural Statistics Service predicts soybean production for 2023 will fall to 4.15 billion bushels, down 3 percent from last year, according to the agency’s latest Crop Production report, released Sept. 12.
Planted area for soybean is currently estimated at 83.6 million acres, up slightly from the previous estimate.
Area for soybean harvest is forecast at 82.8 million acres, up slightly from last month but 4 percent less than was harvested last year. Planted area for the nation, estimated at 83.6 million acres, is down 4 percent from last year. Soybean yields are expected to average 50.1 bushels per acre, down 0.8 bushel from last month’s forecast but up 0.6 bushel from 2022. If realized, the forecasted yields in Arkansas, Indiana, Kentucky, Mississippi, New York, Ohio, and Tennessee will be record high.
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