Drop in US soybean Crop estimate possible but not a sure thing – 8/24/2021

USDA cut the good + excellent rating for the US soybean crop to 56 on 8/22 compared to 57 the previous week. A 56 rating in late August suggests a national average soybean yield of 49 bushels per harvested acre compared to the USDA’s August forecast of 50 bushels per harvested acre. The USDA’s August forecast is within the standard deviation of the weekly model. Still it is more likely the USDA will drop the soybean yield forecast than raise the forecast next month.