Economic value study Soybean Harvest high – 8/26/2020

The accompanying scatter study displays the harvest high for central Illinois soybeans as a function of USDA’s supply/usage balance as published in November. The WAOB’s latest forecast results in a U.S. stocks/usage (excluding residual)  ratio of 14% and a calculated harvest high of $10.34. Reducing the 2020 U.S. soybean yield estimate by roughly two bushels per acre would push the calculated high up to $11.4 per bushel.