The U.S. soybean supply for marketing year 2024-2025 is forecast at 4.8 billion bushels, eight percent higher than the previous marketing year but down 20 million bushels from last month’s forecast.
According to the National Agricultural Statistics Service Acreage Report released on June 28, 86.1 million acres of soybeans were planted in the U.S. for MY 2024-2025, three percent more than last year. The yield forecast remains unchanged at 52 bushels per acre. U.S. soybean production is forecast at 4.4 billion bushels for 2024-2025, down 15 million bushels from last month but 270.3 million bushels higher than production in the previous marketing year. With a lower production forecast and unchanged crush and export forecasts, U.S. ending stocks for 2024-2025 are projected at 435 million bushels, down 20 million bushels from last month’s forecast. The U.S. season-average soybean price for 2024-2025 is down a dime this month to $11.10 per bushel.
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