What a Year!!! U.S. Department of Agriculture is reporting U.S. 2019/20 soybean production to be 3.550 billion bushels which is 878 million bushes smaller than last year’s crop. Challenging spring weather, delayed planting and a shorter growing season resulted in fewer acres of soybean planted/ harvested and reduced soybean yields. Total soybean production is about twenty percent below last year’s record crop. The 2019/20 outlook for soybean meal continues to grow due to increasing U.S. demand by the livestock and poultry industries.
U.S. Soybean Supply
2014/15
2015/16
2016/17
2017/18
2018/19*
2019/20**
Millions of Acres Harvested
76.3
83.3
82.7
89.5
87.6
75.6
Yield (Bushels/acre)
40.0
44.0
52.0
49.3
50.6
46.9
Millions of Bushels
Total Production
3.358
3.927
3.926
4.412
4.428
3.550
Soybean Crush
1.734
1.873
1.901
2.055
2.092
2.105
Soybean Exports
1.638
1.842
2.166
2.134
1.748
1.775
U.S. Soybean Meal Use (Thousands of Short Tons)
Domestic Use
29,547
32,277
33,420
35,537
36,092
36,650
Meal Exports
11,546
13,108
11,580
14,016
13,554
13,350
Total Use
41,093
45,384
45,000
49,554
49,646
50,000
Average Price/Short Ton
$489.94
$368.49
$324.56
$345.02
$308.28
$325.00
(*) Estimated; (**) Projected
