Soybean Prices - 45 Year Historical Chart (2024)

FAQs

What is the highest price soybeans have ever been? ›

Historically, Soybeans reached an all time high of 1794.75 in September of 2012. Soybeans - data, forecasts, historical chart - was last updated on August 9 of 2024.

Soybean prices averaged $14.20 per bushel in 2022, falling to $12.55 in 2023, with a projection of $11.20 per bushel for 2024 (see Figure 1).

U.S. soybean meal exports are forecast at a record 16.5 million short tons while domestic meal demand grows 3.0 percent in 2024/25, compared to 2.7 percent in the prior marketing year. The soybean meal price is forecast down $60 per short ton from last marketing year to $320 per short ton for 2024/25.

On Aug. 23, 2023, Alex Harrell shattered the world soybean record with a yield of 206.7997 bushels per acre on his Smithville, Georgia, farm.

The 2024 projected price for soybeans is $11.55 per bushel, well below projected prices in 2022 ($14.33) and 2023 ($13.76). November futures prices have fallen since February, now trading near $10.20 per bushel.

Sell Soybeans Now

Soybean futures are incentivizing selling soybeans now rather than sometime in 2024. Selling soybeans “off the combine” is a consensus plan among market advisers, but only if growers are willing to maintain pricing flexibility.

National soybean production in 2022 totaled 4.28 billion bushels, down 4 percent from 2021. The average yield was estimated at 49.5 bushels per acre, 2.2 bushels below 2021. Planted area for the Nation, at 87.5 million acres, was up less than 1 percent from the 2021 planted acreage.

The soybean oil price is forecast at $0.42 per pound, down 13 percent from MY 2023/24. Soybean meal production is forecast to reach a record high of 57.1 million short tons on a record soybean crush. The domestic soybean meal disappearance is forecast to increase by 1.3 million short tons to 40.3 million short tons.

A 65-bushel yield for soybeans would require a price of $13.29 per bushel to break even. With November 2023 soybean futures trading at $13.81 per bushel, an expected yield of 65 bushels would result in a producer return of $34 per acre.

How much do farmers sell soybeans for? ›

Basic Info. US Soybean Farm Price Received is at a current level of 11.80, down from 11.90 last month and down from 14.20 one year ago. This is a change of -0.84% from last month and -16.90% from one year ago.

For full-season soybeans, the breakeven price to cover all costs is $12.40 for average-productivity soil and $11.70 for high-productivity soil, or about 5% lower than last year's breakeven prices.

The U.S. season average soybean price forecast for MY 2024/25 is lowered 10 cents this month to $11.10 per bushel.

For more than two years, however, soybean futures prices have been on a firm downward trajectory, declining from a near-10-year high in May 2022 of around $17.30 per bushel to below $11.00 per bushel by mid-July 2024. This trend is partly reflective of the wider bearish sentiment enveloping the grain complex this year.

“Normal weather” might be all it takes to launch yields well past trend line. The national average soybean yield is projected at 52 bu. per acre. The projected total supplies from 2024/25 are 17.24 billion bushels of corn and 4.84 billion bushels of soybeans.

Sufficient water supply and early planting are precondi- tions for high soybean yields in the 80+ bu/ac range. Other factors can also be optimized to further increase soybean yields but an objective cost- benefit analysis is always needed to make sure about their viability.