US Soybean Yield on Track to match USDA Forecast
USDA rated 67% of the US soybean crop as in good or excellent condition on July 28, 2024 which is in the top 25% of soybean crop ratings for the same week over the past 35+ years. This week’s rating suggests a US national average soybean yield of 52.4 bushels per harvested acre which is only fractionally larger than the USDA trendline forecast published earlier this month.
| US Soybean Production (Million Bushels , Thousand Acres) | |||||
| 2021 | 2022 | 2023 | 2024* | USDA July | |
| Planted | 87,195 | 87,450 | 83,600 | 86,100 | 86,100 |
| Harvested | 86,332 | 86,336 | 82,356 | 85,261 | 85,261 |
| % | 99.0% | 98.7% | 98.5% | 99.0% | 99.0% |
| Production | 4,435 | 4,276 | 4,165 | 4,468 | 4,435 |
| Yield | 51.4 | 49.5 | 50.6 | 52.4 | 52 |
| 2024* based on the June acreage and Our yield estimate | |||||
USDA has scheduled release of the first survey based soybean yield forecast of the season for August 12, 2024.