USDA: Old crop soybean stocks down 2%
November 28, 2023
BY Erin Voegele
The USDA’s National Agricultuiral Statistics Service released its latest quarterly Grain Stocks report on Sept. 29, reporting that old crop soybeans stored in all positions on Sept. 1 were down 2 percent when compared to the same time last year.
Soybean stocks stored on farms totaled 72 million bushels, up 14 percent from a year ago. Off-farm stocks were at 196 million bushels, down 7 percent from the same time last year. Indicated disappearance for June-August totaled 528 million bushels, down 24 percent when compared to the same three-month period of 2022.
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The estimate for 2022 soybean production was revised down 5.93 million bushels from the previous estimate. NASS said the adjustment is based on an analysis of end-of-marketing year stock estimates, disappearance data for exports and crushings, and farm program administrative data. The estimate for planted area was unchanged at 87.5 million acres, but harvested acres was revised to 86.2 million acres. The 2022 yield, at 49.6 bushels per acre, was revised up 0.1 bushel from the previous estimate.
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