USDA Report Takeaways

A new report from the USDA’s National Agricultural Statistics Service (NASS) shows a positive outlook for US soybean production in 2024. Nationally, soybean planted area is expected to rise 3.5% compared to 2023. North Dakota leads the pack with a projected increase of 11.3%, while several other states like Arkansas, Louisiana, and Michigan also anticipate significant growth exceeding 4%. Although Kansas shows a projected decrease of 4.1%, the central soybean-producing states like Illinois, Iowa, Minnesota, Indiana, and Nebraska are all expecting a slight increase in planted area, solidifying a potential year of growth for US soybeans.