Along with the November WASDE, USDA released its preliminary long term 10-year baseline forecast. The final projection is released in February each year at the USDA Outlook conference, but a preliminary early release baseline is put together in the fall. Overall, USDA is projecting a 10-year average price for corn of $3.57/bushel and a $9.79/bushel projection for soybean prices. Below are the five-year forecasts.
First of all, the projection – which reflects the current situation – is remarkably bullish given where we were in March, April, and May of this year with COVID-19. The long term forecast is bullish soybeans as shown by the yearly corn to soybean price ratio.
The preliminary soybean outlook has certainly imp...
What You Need to Know Today: Commodities were mostly lower across the board today after yesterday’s Federal Reserve meeting hinted at a potential interest rate hike later in 2026. The dollar index reached its highest level in over a year, and a strong dollar makes U.S. agricultural expor...
Tomorrow is the Juneteenth federal holiday, and the USDA, along with the rest of the federal government and the CME, will be closed, so the monthly Cattle on Feed report was released a day early. The total number of cattle on feed in feedlots with 1,000 head or more capacity on 1 June amounted...
