US soybean acreage expected to grow 3.5% in the 2024/25 season

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Porto Alegre, April 2, 2024 – The area planted with soybeans in the United States in 2024 is expected to total 86.5 mln acres (35 mln hectares), according to the planting intention report from the United States Department of Agriculture (USDA), released last Thursday (28). The forecast indicates an increase of 3% over the previous year.

The number was slightly above the market expectations of 86.3 mln acres (34.9 mln hectares). At the USDA Annual Forum, held in February, the forecast was for an area of 87.5 mln acres (35.4 mln hectares). Last year, US growers planted 83.6 mln acres (33.8 mln hectares) with the oilseed. According to the USDA, 24 of the 29 producing states are expected to increase or maintain planting.

Regarding stocks, quarterly stocks of soybeans in the United States, as of March 1, totaled 1.85 bln bushels (50.35 mln tons), according to a report released by USDA. The volume stored rose 9% over the same period in 2023. The number was above the market expectations of 1.83 bln bushels (49.80 mln tons). Out of the total, 933 mln bushels (25.39 mln tons) are stored with growers, an increase of 24% over the previous year. Off-farm stocks amount to 912 mln bushels (24.82 mln tons), down 3%.

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