USDA forecasts US soybean production at 4.38 billion bushels

The USDA released its latest Crop Production report on Sept. 12, predicting a 1 percent decline in soybean production when compared to last year. Expected yields are down when compared to both last month’s estimate and last year’s yields.

Because of completeness of the data, the USDA said soybean acreage was reviewed for the September Crop Production report, one month earlier than usual. As a result, area planted to soybeans is estimated at 87.5 million acres, down 1 percent from the previous estimate but up slightly when compared to last year. Area for soybean harvest is forecast at 86.6 million acres, down 1 percent from the August forecast but up slightly from 2021.

Soybean yields are expected to average 50.5 bushels per acre, down 1.4 bushels when compared last month’s forecast and down 0.9 bushels from last year. If realized, the forecasted yields in Arkansas, Georgia, Illinois, Indiana and Mississippi will be record high.

Total soybean production for 2022 is expected to reach 4.38 billion bushels, down 1 percent when compared to 2021.