The USDA’s National Agricultural Statistics Service on June 30 announced that an estimated 83.5 million acres of soybeans have been planted in the U.S. for 2023, down 5 percent when compared to 2022. Soybean harvested area for 2023 is estimated at 82.7 million acres, down 4 percent.

The agency’s July 3 Crop Progress Report indicates approximately 44 percent of the U.S. soybean crop is currently in good condition, with 6 percent in excellent condition, compared to 54 percent and 9 percent, respectively, at the same time last year. Approximately 35 percent of the soybean crop is currently in fair condition, with 11 percent in poor condition and 4 percent in very poor condition, compared to 28 percent, 7 percent and 2 percent, respectively, as reported during the same period of 2022.

According to the NASS’s June 30 Acreage report, producers planted 95 percent of the soybean acreage using herbicide resistant seed varieties, unchanged from last year.

Soybean stocks as of June 1 totaled 796 million bushels, down 18 percent when compared to the same time last year. On-farm soybean stocks were down 3 percent from a year ago, while off-farm stocks were down 26 percent.