Strong 2011 Profit Year Projected for U.S and Missouri Soybean Growers

soybean field

Columbia, Mo ---With a New Year beginning, soybean production may be on the rise for 2011. It has been predicted, by the Agriculture Department World Agricultural Outlook Board, that up to 10 million more acres could be used for domestic crop production during the 2011 crop year. USDA's official projection for the 2011/12 crop year will be made during their annual Agricultural Outlook Forum at the end of this month.

Soybean prices, along with corn, wheat and cotton are at near record high price level over the past 30 years, with only 2008 price levels exceeding current levels, which will drive expectations for larger crop acreage in 2011.

Indicators are pointing toward soybean acres accounting for the many new acres of cropland, but it won't be until USDA's crop acreage report in June of this year until US farmers learn just how many acres they planted. In the current demand driven market, Missouri soybean farmers have a rare opportunity to let the market bid up the prices for their soybeans. This is good news for the soybean farmers as they look forward to the New Year.

Missouri soybean producers harvested 5.07 million acres of soybean for 2010. The average yield per harvested acre was 41.5 bushels/ acre for 2010. This resulted in a production of 210 million bushels/acre with an economic value of $2.46 billion.

In 2010, an estimated U.S. total of 76.16 million acres were planted in soybean, which fell only fractionally short of 2009's record of 73.37 million acres. The soybean production totaled to be 3.33 billion bushels, with an economic value of $38.95 billion. The U.S. average soybean yield for 2010 was 43.5 bushels per acre.

"Missouri Soybean farmers should be very pleased with their 2010 crop. Though yields were down nearly 6% from 2009, prices are up over 20%. Global demand is strong for U.S. Soybean. The combination of Missouri Soybean Farmer's efforts to promote soy abroad and Missouri's central location for exporting put Missouri famers in the heart of this bull market. At these high prices farmers will do everything possible to push Missouri soybean yields higher." Dr. Joe Parcell, University of Missouri Agricultural Economist.

Kit Cullers, from Purdy, Missouri, set another record-breaking soybean yield of 160.6 bushels per acre in 2010. Culler has set several records which includes 154.57 bushels per acres in 2007 and 139 bushels per acre in 2006. "I seriously think we can grow 200 bushels per acre, it is just a matter of figuring out what we have got to do to make that goal" says Cullers.

With an average national projected price for the 2010/11 marketing year of $11.75/bushel, if that 160.6 bushels per acres could be sustained across acres of ground, then that translates into $1,887.05/acre gross sales. With numbers like this it is no wonder Governor Jay Nixon stated, "Missouri is leading the nation in the production and processing of soybeans."

The Governor also stated "Missouri is a national leader in soybean research, including projects related to biotechnology, value-added soybeans, and identity-preserved soybeans. Missouri is also the top biodiesel-producing state in the country.

There are approximately 35,000 farmers producing soybeans which ranks Missouri firth among states for total soybean acreage.

Missouri is home of the American Soybean Association, the United Soybean Board, the U.S. Soybean Federation, the Mid-America Research and Development Foundation, the National Biodiesel Board, the Missouri Plant Science Center and the National Center for Soybean Biotechnology.