U.S. acreage planted to soybeans reaches an all-time high in 2009
U.S. farmers reported planting a record 77.5 million acres of soybeans in 2009, raising this month’s projection of 2009 production by 65 million bushels to 3.26 billion. The larger soybean supply is expected to boost 2009/10 ending stocks to 250 million bushels, compared to the previous forecast of 210 million. Soybean farm prices for 2009/10 could drop to $8.30-$10.30 per bushel, compared to last month’s forecast of $9.00-$11.00.
Led by better prospects for U.S. production, world soybean output in 2009/10 is expected to expand to a record 243.7 million metric tons from 210.6 million this year. For 2008/09, global ending stocks for soybeans are estimated at a 5-year low of 41 million tons. Production increases for the United States, Argentina, and Brazil in 2009/10 are expected to restore global soybean stocks to 51.8 million tons.