Soybean Crop Rating Improves but still lags that needed to make USDA Yield estimate. – 07/17/2023
- USDA soybean crop condition: The USDA rated 55% of the US soybean crop in good or excellent condition on July 16, 2023. This is a significant improvement over the previous week’s crop reports, which showed 51% of the crop in good or excellent condition. The improvement in crop condition is due to recent rains in many soybean-producing regions.
- Soybean yield forecast: A model correlating weekly ratings with national average soybean yield forecasts a yield of 50 bushels per harvested acre compared to the USDA July trendline forecast of 52 bushels. This suggests that the soybean crop is likely to be slightly smaller than the USDA forecast.
- Time left in the growing season: The soybean growing season has about one month left. This means that there is still time for the crop to improve enough to meet the USDA July forecast. However, history suggests that a smaller crop is more likely.
- August crop estimate: The August crop estimate (the first survey based crop estimate of the season) is scheduled for release on August 11, 2023. This will provide a more accurate assessment of the soybean crop and its potential yield.