U.S. soybean acreage has increased 18 percent – from 74 to 87 million – in the last 20 years, surpassing the rate of growth for corn during the same period, according to USDA economists.
A report from USDA's Economic Research Service, based on survey data from soybean producers across the nation, shows how soybean production and productivity have changed from 2002 to 2022.
Changing modes of soybean production are largely responsible for the reduced cost of producing the crop, as well as increased yields and productivity.
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Adjusted for inflation, production costs for a bushel of soybeans fell from $10.21 in 2002 to $9.07 in 2018.
Prices of the commodity have trended up over the past two decades. Net returns for soybean producers were positive more often than net returns for corn and wheat, potentially affecting the growth of the crop.
