Soybean Price Problem

The Soybean price problem in the US is due to increased soybean planting and production. The current price is $8.83 per bushel. This is about supply and demand. Soybeans are used for animal feed and the lower price helps lower the cost of feed.

https://www.macrotrends.net/2531/soybean-prices-historical-chart-data

For current coverage of the soybean industry, see the ERS monthly newsletter Oil Crops Outlook. In 2012, Soybean price was $14.40 per bushel and everybody increased their Soybean production. Each year more acres were planted and produced and prices fell to $8.30 per bushel by 2016.

U.S. soybean planted acreage:

2012: 77.2 million acres

2013: 76.8 million acres

2014: 83.3 million acres

2015: 82.7 million acres

2016: 83.7 million acres

Farm cash value, soybean production:

2012: $43.7 billion

2013: $43.6 billion

2014: $39.5 billion

2015: $35.2 billion

2016: $38.0 billion

U.S. soybean production:   

2012: 3,042 million bushels

2013: 3,358 million bushels

2014: 3,927 million bushels

2015: 3,929 million bushels

2016: 4,201 million bushels

Soybean production, top five States, 2016

IL—600 million bushels

IA—560 million bushels

MN—380 million bushels

IN—329 million bushels

NE—310 million bushels

U.S. soybean exports (crop year): 

2012: 1,328 million bushels

2013: 1,639 million bushels

2014: 1,842 million bushels

2015: 1,940 million bushels

2016: 1,985 million bushels

U.S. soybean exports as percent of production: 

2012: 44 percent

2013: 49 percent

2014: 47 percent

2015: 49 percent

2016: 47 percent 

U.S. soybean exports by country, 2014/15. Top five destinations:

China—1,085 million bushels

European Union—167 million bushels

Mexico—131 million bushels

Japan—80 million bushels

Taiwan—53 million bushels

U.S. Soybean Price Average by Year: 

2012 $14.40 per bushel

2013 $13.00 per bushel

2014 $10.10 per bushel

2015 $8.95 per bushel

2016 $8.30-$9.80 per bushel

Crop year begins September 1 and ends August 31.

https://www.ers.usda.gov/topics/crops/soybeans-oil-crops/related-data-statistics/

Other US agricultural exports are down from 2018 to 2019 except Wheat.

US Soybeans 50.3 mmt. to 39.3 mmt.

US Wheat 17.3 mmt. to 21.8 mmt.

US Corn 52.4 mmt. to 44.2 mmt.

US Cotton 3.3 mmt. to 3.0 mmt.

https://www.ers.usda.gov/data-products/foreign-agricultural-trade-of-the-united-states-fatus/us-agricultural-trade-data-update/#U.S.%20agricultural%20exports,%20year-to-date%20and%20current%20months

Norb Leahy, Dunwoody GA Tea Party Leader