USDA Calculates 2009 Soybean Production At 3.2 Bln Bushels

The U.S. Department of Agriculture, in its first survey-based forecast for U.S. soybean production this year, said farmers will produce “a record high” 3.199 billion bushels.

That’s an 8% increase over 2008 production but also a decrease from the department’s

July prediction, according to two new reports released Wednesday.
U.S. soybean production last year totaled 2.959 billion bushels, according to the

USDA’s World Agricultural Supply and Demand Estimates report. The July forecast for 2009 production was for 3.26 billion bushels.

The USDA lowered its average soybean yield forecast for 2009 to 41.7 bushels per acre, down from the July forecast of 42.6 bushels per acre.

But yields are still high compared to last year, the USDA said in its monthly Crop Production report, which was also released Wednesday.

If the latest yield forecast pans out, “this will tie for the fourth highest yield on record,” the USDA said in the Crop Production report. “With the exception of Illinois, yields are forecast higher or unchanged from last year across the corn belt and Great Plains.”

Source: CME Group