Estimated at 4.4 billion bushels, this year’s soybean crop is being touted as another record-breaking harvest. The Iowa Soybean Association (ISA) says the actual numbers coming in are about 33 million bushels down from estimates, but yields were good with Iowa farmers reporting an increase in average yield to 56.5 bushels per acre for a total of 561.6 million bushels statewide. Lagging exports, which are down an estimated 65 million bushels, have increased ending stocks to 470 million bushels. The government is now projecting the 2017/2018 season-average farm price at $8.80 to $9.80 per bushel. In addition, a 4-billion bushel Brazilian crop may continue to be a drag on prices. Sue Martin, president and CEO of Ag & Investment Services, Inc. of Webster City, urges patience. “I wouldn’t be quick to make sales now,” she says. “But when futures contracts near the $10 level, I would probably start pulling the trigger on sales. More information is available at www.iasoybeans.com
