USDA predicts 4% drop in US soybean production
November 28, 2023
BY Erin Voegele
The USDA’s National Agricultural Statistics Service on Oct. 12 released its latest Crop Production report, predicting that U.S. soybean production will reach 4.1 billion bushels, down 1 percent from last month’s forecast and down 4 percent when compared to 2022.
Based on conditions as of Oct. 1, soybean yields are expected to average 49.6 bushels per acre, down 0.5 bushels from the previous forecast but unchanged from 2022. Area harvested for beans in the U.S. is forecast at 82.8 million acres, unchanged from the September forecast, but down 4 percent from 2022.
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