by Don Molino
The U.S. Department of Agriculture has issued its latest crop report for soybeans. Here in Louisiana, growers planted 1, 230,000 acres and harvested 1,210,000 acres. Average yields for 2016 were put by USDA at 49 bushels per acre, compared with 41 last year across Louisiana. Production for this season in the Pelican State is put at 59,290,000 bushels, compared with 56,990,000 bushels in 2015.
Rob Johannson, chief economist at USDA says "Actually, we raised our yield expectations for beans up to 51.4 bushels per acre (on average). If you look at soybean production in the United States of the last few years (there has been) a record each year. So this year, we're going up again to about 4,270,000,000 bushels, another record."
"That's within the trade range," says Johannson, "so it shouldn't be any real big surprise."
"No real big changes globally, either, overall," Johnannson continues. "Ending stocks are up a little bit on the United States but they're still relatively low in general. So no real change in the price expectations for soybeans at the mid-point at $9.05 a bushel."
(This report is a service of the Louisiana Soybean and Grain Research and Promotion Board)