US farmers to plant 87.6 million acres of soybeans in 2021

U.S. agriculture producers intend to plant an estimated 87.6 million acres of soybeans in 2021, up 5 percent when compared to last year, according to the USDA National Agricultural Statistics Service’s March 31 Prospective Plantings report.

If realized, the USDA said this will be the third highest planted acreage on record. When compared to 2020, planted soybean acreage is expected to be up or unchanged in 23 of the 29 states estimated.

NASS also released its quarterly Grain Stocks report on March 31, reporting that soybeans stored totaled 1.56 billion bushels as of March 1, down 31 when compared to the same period of last year. On-farm soybean stocks were down 41 percent, while off-farm stocks were down 22 percent.