Along with the November WASDE, USDA released its preliminary long term 10-year baseline forecast. The final projection is released in February each year at the USDA Outlook conference, but a preliminary early release baseline is put together in the fall. Overall, USDA is projecting a 10-year average price for corn of $3.57/bushel and a $9.79/bushel projection for soybean prices. Below are the five-year forecasts.
First of all, the projection – which reflects the current situation – is remarkably bullish given where we were in March, April, and May of this year with COVID-19. The long term forecast is bullish soybeans as shown by the yearly corn to soybean price ratio.
The preliminary soybean outlook has certainly imp...
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