Soybeans Planted 

As of last week, 35% of the 2024 U.S. soybean crop had been planted, compared to 45% at this time last year and a 34% average, marking a 10% increase from the previous week. Additionally, 16% of the soybeans have emerged, compared to 17% last year and a 10% average.

While overall planting is just 1% ahead of the average, some major states are lagging. Iowa is 39% planted, which is 11% behind the average; Nebraska is at 37%, 9% behind; Minnesota is at 26%, 8% behind; and Illinois is at 39%, 4% behind. In contrast, the southern states are ahead in planting: Arkansas is 76% planted, 30% ahead of average; Mississippi is 79%, 19% ahead; and Missouri is 36%, 11% ahead.

Soybean Production Estimates

For 2024, the U.S. soybean planted acreage is projected to be 86.5 million acres, with 85.5 million acres expected to be harvested (98.9% of planted acreage). The estimated soybean yield is 52.0 bushels per acre, resulting in a total production of 4.44 billion bushels.