Iowa Soybean Association Responds To USDA Crop Report

The Iowa Soybean Association is pleased with the good news coming from the U.S. Department of Agriculture’s (USDA) crop report released on Tuesday. With production pegged at a record 3.93 billion bushels, and an average yield record of 48 bushels per acre, ISA President Wayne Fredericks of Osage said, hopefully, the winter low has been hit. He added the report is positive in the sense that it can change the mentality in the market. But, Oilseed Analyst, John Baize, expects prices to linger in the middle to lower half of the range unless supply issues occur, such as too much rain in South America that could damage plants or reduce yields. Baize said he doesn’t’ see a lot to cause change in prices. The USDA predicts the season-average soybean price at $8.05 to $9.55 per bushel for the 2015/16 marketing year, down 10 cents at the midpoint based on prices reported to date.