USDA maintains prediction for record soybean yields, production
SOURCE: USDA
October 11, 2024
BY Erin Voegele
U.S. soybean production is expected to reach a record high 4.58 billion bushels, up significantly from last year, according to the USDA National Agricultural Statistics Service’s latest Crop Production report, released Oct. 11.
The 4.58 billion bushels of soybean production is down slightly from the September outlook, but up 10% when compared to 2023.
Based on conditions as of Oct. 1, yields are expected to average a record high 53.1 bushels per acre, down 0.1 bushel from the previous forecast but up 2.5 bushels from 2023.
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Area harvested for beans is forecast at 86.3 million acres, unchanged from the previous forecast but up 5% from 2023.
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