2008 Soybean Planting Intentions
The U.S. Department of Agriculture reported on March 31st the soybean planting intentions for the coming cropping season. Their surveys indicate that soybean growers are planning to plant 18 percent more soybeans in 2008. Total soybean acreage is expected to be 74.8 million acres compared to 63.6 million acres planted last year. This is an increase of 11.2 million acres and is just one percent below 2006’s record high. Acreage increases are expected in nearly every state, with the largest growth in Iowa, up 1.25 million acres, and Nebraska, up 1.2 million. Increases of at least 800,000 acres are anticipated in Indiana, Minnesota and South Dakota.

It should be noted that the March planting intention is usually a fairly reliable estimate since it is based on a survey of 86,000 farmers. However, market conditions for corn and soybeans could continue to cause some acreage shifts prior to planting since a large percentage of the additional acres for soybeans came directly from acres planted in 2007 to corn.

What do these planting intentions mean to the nutritionist and feed formulator? Using historical trends for weather events, average soybean yields and other estimates, it would appear that near record levels of soybeans and soybean meal will be available for domestic use and export in 2008-09. The higher soybean prices will also encourage South American soybean production. Thus the increased world production of soybeans will continue to meet the growing domestic and global demand for soybean protein.

In the next issue of the Soybean INFOsource Newsletter we will provide the updated estimates for soybean meal production and use. One anticipates that domestic use will be encouraged with the increased supply of soybeans and the moderation in soybean meal prices.