Highlights
Before Friday’s Actual Planted Acreage Report, USDA projected the new crop soybean marketing year, the USA would consume and export a total of 4,410 million bushels of beans for the year or 12.08 million bushels a day. USDA projected farmers would be paid an average of $12.10 per bushel for those 4,410 million bushels
Now that planted bean acres have been reduced from 87.5 million acres (March Intention) to 83.5 million (June Actual), harvested acres have been reduced from 86.7 million to 82.7 million.
With a trend yield of 52 bushels per acre, the 2023 soybean crop will be 208 million fewer bushels than the USDA used on the June Supply and Demand Report. If demand remains constant, the carryover will be reduced from the current 350 million bushels (29 day supply) to 142 million bushels (11.8 day supply).
If the yield is 51 bushels per acre and the demand is constant, the carryover will be 54.6 million bushels, a 4.5 day supply.
If the yield is 50 bushels per acre and the demand is constant, the carryover will be a minus 28 million bushels and the USA will run out of soybeans on August 29th, 2024.