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Exercise 3: WASDE Report [5.5 points] In order for us project wheat production in the US and the respective prices we use information from the WASDE report. You are given the Feb. 9, 2021 WASDE report table for soybeans. i. (2 pts) Based on information given in the WASDE report for years 2019/20 and 2020/21 Feb. answer the following questions: What is the percent change in yield per harvested area? What is the percent change in exports? O What is the percent change in beginning stocks? What is the percent change in ending stocks? 11. (2.5 pts) Explain why I should focus on the above 2019/20 variables to project 2020/21 Feb. wheat production? (1 pt) What can you tell about the average farm price per bushel for 2019/20 vs. the projected average farm price per bushel for 2020/21 Feb.? Is the increase in the price expected? U.S. Soybeans and Products Supply and Use (Domestic Measure) 1/ 2018/19 2019/20 Est. 2020/21 Proj 2020/21 Proj. SOYBEANS Jan Feb Area Planted Area Harvested 89.2 87.6 Million Acres 76.1 74.9 83.1 82.3 83.1 82.3 Bushels 47.4 50.6 Yield per Harvested Acre 50.2 50.2 Beginning Stocks Production Imports Supply, Total Crushings Exports Seed Residual Use, Total Ending Stocks Avg. Farm Price (s/bu) 2 438 4,428 14 4.880 2,092 1.752 88 39 3.971 909 8.48 Million Bushels 909 525 3,552 4.135 15 35 4.476 4,695 2.165 2.200 1,682 2.230 96 103 9 3.952 4,555 $25 140 8.57 11.15 525 4,135 35 4,695 2.200 2.250 103 22 4,575 120 11.15 22