See the latest Soybeans & Oil Crops Outlook report.
U.S. Farmers Intend to Plant Less Soybean Acreage
Note: Effective April 2025, Oil Crops Outlook will publish at 3:00 p.m. ET.
In the March Prospective Plantings report, the U.S. Department of Agriculture, National Agricultural Statistics Service (NASS) indicated that farmers intend to plant 83.5 million acres of soybeans in 2025, 4 percent less than the last marketing year. Farmers in all major soybean producing regions are expected to plant less soybean acres than last year. Farmers in the eastern and western Corn Belt will plant 0.7 million acres and 1.0 million acres less than last year as they are expected to plant more corn.
U.S. soybean supply for marketing year (MY) 2024/25 is increased this month on higher imports. Soybean demand estimates are raised on higher crush. Consequently, soybean ending stocks are reduced and stand at 375 million bushels. The season average soybean price received by farmers is forecast at $9.95 per bushel, unchanged from last month’s forecast. The soybean meal price is forecast lower at $300.00 per short ton. The soybean oil price is forecast at 45 cents per pound, 2 cents higher than last month’s forecast.
Internationally, the global palm oil production forecast for marketing year (MY) 2024/25 is reduced this month on lower production in Malaysia, Indonesia, and Thailand. Consequently, the global palm oil trade is impacted with a lower import forecast from India, China, and the United States. The reduction in palm oil trade is partially offset by higher soybean oil, sunflowerseed oil, and olive oil exports. Global palm oil ending stocks for MY 2024/25 are projected to decline.