Frost across the upper Midwest nicked soybeans in Minnesota today, September 15. A drive across the southern part of the state showed some beans with frost damage. This early frost came on the heels of USDA’s crop report that the 2011 soybean crop is larger than what was earlier forecasted.
The 2011 soybean crop for the United States is forecast at 3.085 billion bu. This is 29 million bu. larger than the August forecast, but 244 million bu. smaller than the 2010 crop.
The average soybean yield is forecast at 41.8 bu./acre. This is 0.4 bu./acre above the August forecast, but 1.7 bu./acre below the 2010 average.
The price for soybeans is projected in the $12.65 to $14.65 range for the 2011-12 marketing year, according to Darrell Good, University of Illinois ag economist. He notes that this price is $0.15 higher than the August forecast and well above the $11.35 average of the past year.