April 1, 2024

US soybean planted area to rise by 3% this year

The United States Department of Agriculture's (USDA) National Agricultural Statistics Service is predicting a 3% increase in US soybean planted area for 2024, according to the agency's annual Prospective Plantings report, which was released March 28.

Soybean planted areas this year is estimated at 86.5 million acres, up from 83.6 million acres in 2023. Acreage increases from last year of 100,000 or more are expected in Arkansas, Illinois, Indiana, Iowa, Kentucky, Louisiana, Michigan, Minnesota, Missouri, North Dakota, Ohio and South Dakota. Record high acreage is expected in Kentucky and New York.

The Prospective Plantings report provides the first official, survey-based estimates of US farmers' 2024 planting intentions.

NASS's acreage estimates are based on surveys conducted during the first two weeks of March from a sample of nearly 72,000 farm operators across the United States.

NASS also released last month its quarterly Grain Stocks report, which provides an estimate of on-farm and off-farm stocks as of March 1. According to the report, soybeans stored tota;led 1.85 millions as of March 1, up 9% when compared to when compared to the same time last year.

On-farm soybean stocks were up 24% while off-farm stocks were down 3%.

- Biomass Magazine