According to the Jan. 12 report, total U.S. soybean production in 2011 is expected to be 3.06 billion bushels, which is well below the production level of 3.33 billion bushels in 2010. The total U.S. soybean production in other recent years was a record of 3.36 billion bushels in 2009, 2.97 billion bushels in 2008, and 2.58 billion bushels in 2007. The total harvested soybean acreage in 2011 was a record of 73.6 million acres, down from the record of 76.6 million acres in 2010, and compared to 76.4 million acres in 2009.
The USDA Report estimated total U.S. soybean stocks on Dec. 1, 2011, at 2.37 billion bushels, which is up 4% from the soybean stocks on Dec. 1, 2009. The projected soybean ending stocks for 2011-2012 are estimated at 275 million bushels, which is up significantly from the carryover levels of 215 million bushels in 2010-2011 and the 151 million bushels of soybean ending stocks for 2009-2010. The current soybean stocks-to-use ratio is now above 9%, which is the highest in recent years. USDA is now estimating the U.S on-farm soybean price for 2011-12 in a range of $10.95-12.45/bu., or an average price of $11.70, which is a decrease of 25¢/bu. from December estimates. This compares to an estimated average farm price of $11.30 for 2010-11 and $9.59 for 2009-2010.