USDA: Old crop soybean stocks up 29% when compared to last year
October 1, 2024
BY Erin Voegele
The USDA National Agricultural Statistics Service released its latest Grain Stocks report on Sept. 30, reporting that old crop soybeans stored in all positions totaled 342 million bushels as of Sept 1, up 29% when compared to the same time last year.
Soybean stocks stored on farms totaled 111 million bushels, up 54% when compared to Sept. 1, 2023. Off-farm stocks, at 231 million bushels, are up 20% from last year.
According to the USDA, indicated disappearance for June-August totaled 628 million bushels, up 18% when compared to the same period of last year.
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Based on an analysis of end-of-marketing year stock estimates, disappearance data for exports and crushings, and farm program administrative data, the 2023 soybean production is revised down 2.62 million bushels from the previous estimate. Planted area is unchanged at 83.6 million acres, but harvested area is revised up to 82.3 million acres. The 2023 yield, at 50.6 bushels per acre, is unchanged from the previous estimate.
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