Soybean Outlook Update Following USDA’s June WASDE Report

Soybean futures volatility increased sharply this week as futures prices responded to concerns about dry weather possibly impacting crop yields. Purdue ag economists James Mintert and Nathanael Thompson discussed the updated soybean outlook on the latest Purdue Commercial AgCast video podcast. The Center's team reviewed this week's soybean crop condition ratings and possible implications for 2023 U.S. soybean yield, production and carryover stocks. Shifting demand prospects for soybeans related to the increased usage of soybean oil for renewable fuels and trade prospects were also featured including a comparison of U.S. exports to those emanating from competing South American exporters. The discussion concluded with an overview of soybean basis, including a discussion of soybean processor and Ohio river basis, using the recently revamped Purdue Crop Basis Tool. Podcast provided by Purdue University's Center for Commercial Agriculture. Slides and the transcript from the discussion can be found at https://purdue.edu/commercialag/. New! You can find the FULL video episode on our YouTube channel. Visit https://youtu.be/344-BiC1AHg to subscribe and watch.