Soybean Comments 06/12/2020

The USDA forecasts the new crop soybean carryout at 395 bushels compared to the old crop estimate of 585 million.We have developed supply/usage tables which assume soybean production in a poor growing year and in a great growing season. We have not adjusted  usage from that assumed by USDA.

The projected carryout would be negative assuming a poor season which would require a higher soybean price level to ration supplies. A favorable growing season would result in a new crop carryout close to the level USDA anticipates for the season ending in August.

Adverse Weather    Favorable grow season