U.S. farmers intend to plant 87.5 million acres of soybeans this year, up slightly when compared to 2022, according to the USDA National Agricultural Statistics Service’s Prospective Plantings report, released March 31.
Soybean acreage increases from last year of 100,000 acres or more are expected in Minnesota, North Dakota, South Dakota, and Wisconsin. Soybean growers are expected to plant record high acreage in Illinois, Nebraska, New York, Ohio and Wisconsin.
NASS also released its quarterly Grain Stocks report on March 31, reporting that soybeans stored totaled 1.69 million bushels as of March 1, down 13 percent when compared to the same period of last year. On-farm soybean stocks were down slightly, while off-farm stocks were down 21 percent.