ANKENY, Iowa-- According to a recent United States Department of Agriculture (USDA) crop report, soybean production is pegged at a record high 3.361 billion bushels, up from the last USDA projection of 3.319 billion bushels and up 8 percent from last year.
For Iowa, production is estimated at 486 million bushels, compared to 449.6 million in 2008. Yield estimates are for an average of 51 bushels per acre. These estimates are unchanged from the last report in November.
The USDA said it will resurvey corn and soybean acreage, yield, production and stocks and may release updated forecasts based on updated information in its March 10 report, because of late harvests in several states.
The USDA also raised soybean exports 35 million bushels and the crush 15 million bushels. Soybean ending stocks are estimated at 245 million bushels, which is above trade expectations of 235 million bushels but down 10 million bushels from the December USDA report.
According to Iowa Soybean Association (ISA) President Delbert Christensen, "This report is not really a surprise. The end of harvest season weather was good for soybeans. The good news is that farmers this fall have had opportunities to sell soybeans at strong prices.
"Additional good news is that we continue to see very strong export numbers," Christensen says. "China's economy in particular had amazing 8 percent growth over the last two quarters in one of the toughest economic years since the Great Depression, and that will most likely continue to adjust upwards in 2010. Continued strong international demand and some signs of gradual improvement in the domestic livestock demand could impact final numbers."
ISA CEO Kirk Leeds adds, "The big question remaining is whether the South American crop is as large as many are predicting. They are entering a key period in their growing season and weather can still have a big impact over the next 30 to 60 days.
"As we've been saying consistently, these times require a balanced approach by soybean checkoff organizations," Leeds adds. "We must continue to raise yields and decrease costs and, at the same time, build short-term and long-term demand."
To learn more about ISA, visit its Web site at www.iasoybeans.com.