US Soybean Crop Estimate could be Trimmed Next Month – 07/27/2021

This week the USDA assessed 58% of the US soybean crop in good or excellent condition. In the years 1988 through 2020 there was  a significant correlation between the revision of USDA’s soybean crop estimate in August (a survey based forecast) from the July estimate (based primarily on trend) and the soybean crop rating crop rating in late July. This year’s 58% rating suggests a half bushel reduction in the national average soybean yield forecast or roughly 50 bushels per harvested acre.