Aug 09, 2023

2023 U.S. Soybeans Unchanged at 50.5 Bu/Ac, 4.17 Billion Bushels

Author: Michael Cordonnier/Soybean & Corn Advisor, Inc.

The 2023 U.S. soybean estimate was left unchanged this week at 50.5 bu/ac with a production of 4.17 billion bushels and I have a neutral to slightly higher bias going forward. The recent weather has been beneficial and I now have a neutral to higher bias for the soybeans.

August is the most important month for soybeans and the early August weather has been favorable for the crop. If these conditions persist, the soybean yield could move higher by 0.5-1.5 bushels.

Rainfall last week and over the weekend favored much of the Corn Belt with the heaviest amounts in South Dakota, southern North Dakota, western Iowa, northern Missouri, central Illinois, and western Indiana. The rainfall came at a very opportune time for corn as it fills grain. More rain is expected this week in the central, southern, and western Midwest.

The condition of the 2023 U.S. improved 2% to 54% rated good/excellent. The soybeans are 90% blooming compared to 88% last year and 87% average. The soybeans are 66% setting pods compared to 59% last year and 63% average. The August Crop Report will be issued on Friday, August 11, 2023. The USDA is currently estimating the U.S. soybean yield at 52.0 bu/ac.