USDA predicts 3% increase in soybean acreage for 2024
March 28, 2024
BY Erin Voegele
The USDA’s National Agricultural Statistics Service is predicting a 3% increase in soybean planted area for 2024, according to the agency’s annual Prospective Plantings report, which was released March 28.
Soybean planted areas for 2024 is estimated at 86.5 million acres, up from 83.6 million acres in 2023.
Acreage increases from last year of 100,000 or more are expected in Arkansas, Illinois, Indiana, Iowa, Kentucky, Louisiana, Michigan, Minnesota, Missouri, North Dakota, Ohio and South Dakota. Record high acreage is expected in Kentucky and New York.
The Prospective Plantings report provides the first official, survey-based estimates of U.S. farmers’ 2024 planting intentions. NASS’s acreage estimates are based on surveys conducted during the first two weeks of March from a sample of nearly 72,000 farm operators across the nation.
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NASS also on March 258 released its quarterly Grain Stocks report, which provides an estimate of on-farm and off-farm stocks as of March 1. According to that report, soybeans stored totaled 1.85 millions as of March 1, up 9% when compared to when compared to the same time last year. On-farm soybean stocks were up 24% while off-farm stocks were down 3%.
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