USDA’s August WASDE Report projects record Soybean Yield, Strong Demand
US Midwest farmers have enjoyed favorable weather this summer reflected in USDA’s projected record national average soybean yield. USDA also expects strong new crop US demand, but expected usage still well fall short of supplies leaving an expected buildup in US soybean stocks during the 2024/2025 crop year.
| US Soybean S/D Million acres / Bushels | ||||
| 2021/2022 | 2022/2023 | 2023/2024 | 2024/2025 | |
| Area Planted | 87.2 | 87.5 | 83.6 | 87.1 |
| Area Harvested | 86.3 | 86.2 | 82.4 | 86.3 |
| Yield per Harvested Acre | 51.7 | 49.6 | 50.6 | 53.2 |
| Beginning Stocks | 257 | 274 | 264 | 345 |
| Production | 4,464 | 4,270 | 4,165 | 4,589 |
| Imports | 16 | 25 | 20 | 15 |
| Supply, Total | 4,737 | 4,569 | 4,449 | 4,949 |
| Crushings | 2,204 | 2,212 | 2,290 | 2,425 |
| Exports | 2,152 | 1,992 | 1,700 | 1,850 |
| Seed | 102 | 97 | 78 | 78 |
| Residual | 5 | 4 | 36 | 36 |
| Use, Total | 4,463 | 4,305 | 4,104 | 4,389 |
| Ending Stocks | 274 | 264 | 345 | 560 |
| % Use | 6.1% | 6.1% | 8.5% | 12.9% |
| Avg. Farm Price ($/bu) | $13.30 | $14.20 | $12.50 | $10.80 |
| USDA ,August 2024 Data | ||||
The November soybean contract will trade in single digits during harvest based on scatter charts plotting the harvest trading range as a function of the new crop US soybean carryout to usage ratio using data from the last 20 years.