The United States is the world's leading soybean producer and exporter. Soybean production in 2010 dropped slightly to 3.3 billion bushels, down 1 percent from 2009. The 2010 crop was the second largest on record.(Crop Production Annual Summary, NASS, USDA, 2011.)

The average price per bushel for soybeans exceeded 2007's record $10.10, reaching $11.70 per bushel. Consequently, the total value of 2010's soybean crop was a record $38.9 billion. (Crop Values Annual Summary, NASS, USDA, 2011.)

Like their ranking for corn production, the states of Iowa and Illinois are the leading producers of soybeans, followed by Minnesota and Nebraska. (Crop Production Annual Summary, NASS, USDA, 2011.) 

Processed soybeans are the largest source of protein feed (soybean meal) and second-leading source of vegetable oil (soybean oil) in the world, surpassed only by palm oil.

A recent USDA report indicated that 75.2 million acres of soybeans were planted in 2011, compared to last year’s planted acreage of 77.4 million acres. For many states, soybean acres declined largely because of a higher acreage sown to corn.

The lower estimate for U.S. acreage of soybeans reduces USDA's forecast of 2011 production by 60 million bushels to 3.2 billion. The average farm price for soybeans is forecast at $12 to $14 per bushel, up from the 2010 price at $11.35 per bushel. (Oil Crops Outlook, ERS, USDA, July 2011) 

For more information about soybean quality and storage, visit the Iowa Grain Quality Initiative.

   
Topics 

• Biodiesel
• Dry Edible Beans
• Soyfoods
• Organic Soy