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.
Advertisement
Advertisement
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%.
Advertisement
Advertisement
Related Stories
U.S. operatable biofuels capacity increased slightly in January, with gains for ethanol, according to the U.S. EIA’s Monthly Biofuels Capacity and Feedstock Update, released March 31. Feedstock consumption was down when compared to December.
U.S. farmers are expected to plant 83.5 million acres of soybeans in 2025, down 4% when compared to last year, according to the USDA National Agricultural Statistics Service’s annual Prospective Plantings report, released March 31.
ADM and Mitsubishi Corp. on March 27 announced the signing of a non-binding memorandum of understanding (MOU) to form a strategic alliance to explore potential areas of future collaboration across the agriculture value chain.
China’s exports of used cooking oil (UCO) reached a record high in 2024 but fell sharply in December after the Chinese government eliminated the 13% export tax rebate for UCO, according to a report filed with the USDA.
Ash Creek Renewables, a portfolio company of Tailwater Capital LLC, on March 20 announced it has secured exclusive licensing rights from Montana State University for a new high-performance camelina seed variety.
Upcoming Events
