Ankeny, Iowa, USA
November 9, 2012

The U.S. Department of Agriculture’s November Crop Report released today reveals a historically significant jump from the previous month in soybean production and indicated continued strength in domestic and international demand for soybeans.

U.S. soybean production is pegged at 2.97 billion bushels compared to 2.86 billion in October. The 111- million-bushel increase is fueled by a national per-acre soybean production increase of 1.5 bushels – from 37.8 to 39.3 bushels.

Iowa soybean production increased to 408.8 million bushels from October’s estimate of 399.5 million. Per-acre soybean production in Iowa totals 44 bushels, up from October’s estimate of 43 and September’s forecast of 39 bushels.

The USDA raised its forecast for U.S. soybean crushing in 2012-13 by 20 million bushels and U.S. soybean exports by 80 million bushels.

“Soybeans are known for responding well to late-season rainfall and this year appears to be no exception,” says ISA President Mark Jackson of Rose Hill. “Strong demand, however, continues to offset nearly all production increases. We expect that trend to continue until South America’s crop comes on line this spring, and that bodes well for Iowa’s soybean growers as they consider planting intentions for 2013.”

USDA economists continue to point to equally tight supplies for U.S. corn. The department estimates nationwide corn production at 10.73 billion bushels, up 19 million bushels from October. Yields are expected to average 122.3 bushels per acre, up 0.3 bushels from last month’s forecast but 25 bushels below the 2011 average.

For Iowa, total corn production is estimated at 1.9 billion bushels, down 1 percent from October. The state’s corn yield was expected to hit 139 bushels per acre compared to October’s estimate of 140.
 

Website: http://www.iasoybeans.com

Published: November 9, 2012