Soybean Meal Potential versus USDA forecast – 10/23/20

Published by David Tedrow on October 23, 2020

This month the USDA forecast cash soybean meal price for the 2020/2021 season at $335/ton. We have scattered the historic October/May highs for central Illinois meal versus the USDA estimate. Note the scatter suggests a potential high between $400 and $500.

In the past USDA made range price forecasts but now makes point forecasts. We have used the lowest price forecast for our study so the potential highs may be conservative.

Categories: Soybean Complex