USDA predicts 2% decline in 2023 soybean crop

USDA’s National Agricultural Statistics Service released its latest Crop Production report on Aug. 11, predicting 2023 soybean crop will be down 2 percent when compared to last year, with production forecast at 4.21 billion bushels.

Soybean yields for 2023 are expected to average 50.9 bushels per acre, up 1.4 bushels when compared to last year. If realized, the forecasted yields in Arkansas, Indiana, Mississippi, North Carolina, Ohio and South Carnolia will be record highs.

Areas harvested for beans in the U.S. is forecast at 82.7 million acres, unchanged from the agency’s previous forecast, but down 4 percent from 2022.