“ From 2002 to 2022, net financial returns were highest in 2012-a major drought year when soybean prices were relatively high, and lowest in 2019, a year when soybean prices were relatively low. The unit cost of producing a bushel of soybeans, adjusted for inflation, fell from $10.21 in 2002 to $9.07 in 2018. Vaiknoras and Hubbs added that, “Changing soybean production practices contributed to an increase in the cost of producing an acre of soybeans, as well as yields, and productivity. By 2018, 43 percent of soybean acres in the United States were planted with dicamba-tolerant seed, though the acres were not all treated with dicamba.” Dicamba-tolerant soybean varieties became commercially available in 2016. “ Demand for other herbicides, such as dicamba, has grown due to the spread of glyphosate-resistant weeds. The most common type of seed is tolerant to glyphosate, a widely used herbicide. Adoption of herbicide-tolerant genetically engineered soybean varieties was nearly universal by 2006. Last week’s report also stated that, “Genetically engineered seed varieties became commercially available in 1996. Department of Agriculture, Economic Research Service.
Soybean Production Practices, Costs, and Returns Since 2002, ERR-316, U.S. Nominal soybean prices peaked in 2012 at $14.40 per bushel.” Vaiknoras, Kate, and Todd Hubbs. “Prices trended upwards over the past two decades but there was fluctuation between years. With respect to yields, the ERS report noted that, “ Yield trended upward but was affected by pest and weather events, including aphid infestations in 2003 and a drought in 2012. Soybean exports quickly rebounded, and in 2020/21, equaled 53.7 percent of production.” Vaiknoras, Kate, and Todd Hubbs. “Soybean prices and acreage also fell that year.
“In the 2017/18 marketing year, which runs each year from September to August, exports were 48.4 percent of production, but the following year fell to 39.6 percent. production but fell in 2018 due to trade restrictions. soybean exports increased over time as a share of total U.S. Vaiknoras and Hubbs pointed out that, “ U.S. “While planted acreage lagged that of corn in most years, soybean acreage grew at a faster rate than corn during the period.” Vaiknoras, Kate, and Todd Hubbs. “ Soybean planted acreage grew 18 percent between 20. soybean acreage, yields, and exports increased while prices trended upward.
#SOYA BEAN UPDATE#
” Today’s update includes highlights from the report, which was authored by Kate Vaiknoras and Todd Hubbs. Soybean Production Practices, Costs, and Returns Since 2002. Last week, the USDA’s Economic Research Service (ERS) released a report titled, “ Characteristics and Trends of U.S. Illinois Farmland Leasing & Rental Forms.Illinois Crop Budgets & Historic Returns.Farmland Leasing Facts Sheets & Pricing Information.
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