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.
Advertisement
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.
Advertisement
Related Stories
The USDA reduced its estimate for 2024-’25 soybean use in biofuel production in its latest WASDE report, released May 12. The agency expects soybean oil use in biofuel to increase during the 2025-’26 marketing year.
HutanBio on May 8 announced that the production process for its proprietary HBx microalgal biofuel achieves net-negative carbon emissions, based on an independent cradle-to-gate life cycle assessment (LCA) conducted by EcoAct.
According to a new economic contribution study released by the Iowa Renewable Fuels Association on May 6, Iowa biofuels production has begun to reflect stagnant corn demand throughout the agriculture economy.
Repsol and Bunge on April 25 announced plans to incorporate the use of camelina and safflower feedstocks in the production of renewable fuels, including renewable diesel and sustainable aviation fuel (SAF).
U.S. operable biofuel capacity in February was unchanged from the previous month, according to data released by the U.S. EIA on April 30. Feedstock consumption for February was down when compared to both January 2025 and February 2024.
Upcoming Events
