Ankeny, Iowa, USA
November 7, 2013

Despite record spring rains that delayed or prevented planting and extremely dry conditions for much of July and August, Iowa Soybean Association (ISA) members are pleasantly surprised with harvest results. Today, the U.S. Department of Agriculture (USDA) increased the state’s average yield by 2 bushels per acre and overall production by about 10 million bushels from September estimates.

Iowa farmers will harvest an estimated 415.4 million bushels of soybeans, slightly more than last year, according to the USDA crop production report. The average yield is estimated at 45 bushels per acre, up a half-bushel from last year.

“I expected to see an increase in the soybean production forecast,” said ISA President Brian Kemp (pictured), who farms near Sibley. “Yields in my area were a pleasant surprise compared to my pre-harvest expectations. Spotty, late-season rainfall made a big difference in yields. Current soybean varieties seemed to handle stress well.”

Government data show Iowa farmers will harvest more than 9.2 million acres of soybeans. A little more than 100,000 intended soybeans acres weren’t planted, according to the Farm Service Agency. As of Sunday, data indicates only 5 percent of the state’s soybean crop is still standing.

After a second challenging growing season, ISA Farm and Food Ambassador Kyle Maas is looking forward to a “normal” year. The Duncombe-area farmer says this year’s harvest shows that Iowa farmers armed with good technology can deliver.

“If we can raise 45-bushel soybeans under these challenging growing conditions … I would love to see the yield potential that’s out there,” Maas said. “Seed treatments helped us plant in wet ground and good genetics shined late.”

Nationwide, soybean production is forecast at 3.26 billion bushels, up 3 percent from the previous estimate and up 7 percent from last year and yields are estimated at 43 bushels per acre.

The latest World Agricultural Supply and Demand Estimates (WASDE) raised U.S. soybean export estimates. Grant Kimberley (pictured), ISA director of market development and a central Iowa farmer, said the USDA has underestimated soybean demand for seven out of the last 10 years.

“In this report, the USDA acknowledged the exceptional pace of exports for soybeans and soybean meal. The USDA’s increase in soybean domestic crush and exports demonstrates that demand is very robust at current prices,” said Kimberley. “Moving forward, I won’t be surprised if demand numbers are raised again in the January reports.”

U.S. soybean exports for 2013/14 were raised 80 million bushels to 1.45 billion bushels reflecting increased supplies and the record pace of sales through late October, according to the WASDE Report. Domestic soybean crush projections were increased 30 million bushels to 1.685 billion mostly due to increased soybean meal exports.

The report projects U.S. season-average soybean price to be $11.15 to $13.15 per bushel, down 35 cents on both ends.

To learn more about ISA, go to www.iasoybeans.com.

Website: http://www.iasoybeans.com

Published: November 9, 2013