Market Outlook

See the latest Soybeans & Oil Crops Outlook report.

Higher Yields Boost 2023/24 U.S. Soybean Production and Ending Stocks

This month, USDA, National Agricultural Statistics Service (NASS) raised the 2023/24 national average soybean yield from the previous forecast of 49.6 bushels per acre to 49.9 bushels per acre in its Crop Production report. This revision has increased the 2023/24 U.S. soybean production forecast by 25 million bushels to 4.13 billion bushels. With soybean crush and exports unchanged this month, soybean ending stocks for marketing year (MY) 2023/24 are forecast at 245 million bushels. The 2023/24 U.S. season-average soybean price forecast is unchanged this month at $12.90 per bushel.

A bar and line chart of production and Yield for U.S. soybean crop production and yield in million bushels and Bushels per acre

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