USDA Soybean Price Forecast vs May Soybean Futures
Last month USDA forecast an average farm level soybean price at $10.80 $/bushel for the 2024/2025 crop year. Based on recent history, the USDA’s $10.80 projection would translate to a price range for the May soybean futures contract of $9.90 to $12.86. The model statistics are displayed in the table.
| USDA September Farm Price Forecast vs May Soybean Price Range $/Bu. | ||||
| Year Beg. | USDA | High | Low | |
| 2011 | $9.10 | $10.87 | $8.88 | |
| 2012 | $9.90 | $14.68 | $10.84 | |
| 2013 | $13.65 | $15.09 | $11.16 | |
| 2014 | $16.00 | $15.45 | $13.38 | |
| 2015 | $12.50 | $15.32 | $12.24 | |
| 2016 | $9.15 | $10.88 | $9.30 | |
| 2017 | $10.00 | $10.82 | $8.54 | |
| 2018 | $9.05 | $10.88 | $9.30 | |
| 2019 | $9.20 | $10.83 | $9.56 | |
| 2020 | $8.60 | $9.53 | $7.81 | |
| 2021 | $8.50 | $9.78 | $8.08 | |
| 2022 | $9.25 | $16.77 | $10.16 | |
| 2023 | $12.90 | $17.59 | $12.05 | |
| 2024 Forecast | $10.80 | $12.86 | $9.90 | |
| Mid October through May – Crop Years Years Beg. | ||||
| R2 | R2 | |||
| 50% | 82% | |||
| Stand Error | Stand Error | |||
| $2.02 | $0.83 | |||