Lowest soybean prices in years follow record harvest forecast in Arkansas

FAULKNER COUNTY, Ark. – Arkansas is projected to set a new record for soybean harvest according to federal officials, but it’s not all good news.

More than three million acres of soybeans are being harvested from late August through October in Arkansas. The National Agricultural Statistics Service forecast of 57-bushel-per-acre average yield, up three bushels per acre from last year

Even with a record crop, farmers say it would not come close to matching last year’s profits.

Last year, Joe Thrash, owner of Thrash Farms in Mayflower, said he sold soybeans for $12 to nearly $14 a bushel, but now they are selling for around $9.50 a bushel.

That’s a 30% decrease in one year and the lowest prices in four years. Thrash said there’s a simple explanation why.

“A lot of beans got planted, and of course with a high acreage, and a high yield expectation this year all across the U.S., it kind of pushes the price down because we anticipate a lot of beans hitting the market,” Thrash said.

Arkansas is not the only state expected to break a harvest record. All of America, even the world, is after doing the same thing in 2023. Other crops are also dropping in price but not as steeply.

Thrash said some practices can help minimize the hurt for farmers such as contracting sales in advance and waiting until after harvest to sell by storing crops to sell off later, but that’s also a gamble.

“You just have to play the game,” he said. “It’s a gamble every year. You don’t know what’s going to happen.”

The bad price for farmers could have a positive effect on the consumer. Soybeans are a common ingredient in some cooking oils, baked goods and other products.

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