The U.S. Department of Agriculture is estimating the 2008 soybean crop at 2.921 billion bushels, based on an average soybean yield of 39.3 bushels per acre. The 2008 soybean crop is about 9.2 percent higher compared to the 2007 crop even with the lower yield (39.3 versus 41.7 bushels per acre). Total supply of soybeans is only reduced by 3.9 percent compared to last year due to increased plantings. The soybean crush for the 2008/09 crop year is estimated to be 1.715 billion bushels; this value is slightly lower than the 2007/08 crop year. USDA estimated that approximately 59% of the total available soybean supply will be domestically processed, 36% of the soybeans exported and 5% will be used for seed and other uses.

Soybean meal production is estimated at 40.74 million short tons. About eighty percent will be fed domestically. Total meal use is down slightly (3.6%) which probably reflects greater total supply of feed protein ingredients available to the market and the higher feed prices have slowed livestock and poultry feed demand.