The U.S. Department of Agriculture is predicting a record soybean crop this year. Soybean production is estimated in October at 3.408 billion bushels which is about 1.5% greater than last year’s crop. The larger supply of soybeans is largely reflecting the higher estimated yield (44.4 bu/ac) for this year’s crop. These values may be revised slightly at a later date after the crop has been harvested.

Domestic soybean meal production is estimated to be lower than last year, probably reflecting the higher soybean price, export market demands for soybeans, and the weakened livestock/poultry demand for meal. The estimated price for soybean meal is in the range of $280-330, which is at, or below averages for the recent years.

U.S. Soybeans and Products Supply and Use (*)


(*) Marketing year beginning September 1 for soybeans and October 1 for meal;
(**) Estimates and (***) Projections at this time

Reference: U.S.D.A. Economic Research Service, World Agricultural Supply and
Demand Estimates; WASDE-484, July 9, 2010