August 15, 2024

US soybean production forecasted at record high for 2024, USDA reports

US soybean production for 2024 is projected to reach a record-breaking 4.59 billion bushels, according to the latest Crop Production report released by the USDA National Agricultural Statistics Service on August 12, 2024, a 10% increase from last year's output, Biodiesel Magazine reported.

As of August 1, soybean yields across the US are expected to average a record high of 53.2 bushels per acre, an increase of 2.6 bushels compared to 2023. If these projections are achieved, several states - including Arkansas, Illinois, Indiana, Mississippi, Missouri, and Ohio - are expected to report record-high yields.

The area of soybean acreage harvested in the U.S. is forecasted at 86.3 million acres, reflecting a rise of 15 from the previous forecast and an overall increase of 5% from 2023.

By August 4, 68% of soybean acreage was reported to be in good or excellent condition, a significant improvement from the 54% reported at the same time last year.

- Biodiesel Magazine