USDA revises down forecast for soybean production, yields
November 8, 2024
BY Erin Voegele
The USDA released its latest Crop Production report on Nov. 8, reporting reduced forecasts for 2024 soybean production and yields. Both production and yields, however, are up significantly when compared to last year.
According to the agency, soybean production for beans is forecast at 4.46 billion bushels, down 3% from last month, but up 7% when compared to 2023.
Based on conditions as of Nov. 1, yields are expected to average 51.7 bushels per acre, down 1.4 bushels from the previous forecast, but up 1.1 bushels from last year.
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Area harvested for beans in the U.S. is forecast at 86.3 million acres, unchanged from the previous forecast but up 5% from 2023.
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