The range of $0.505 is at the low end of historical experience. New highs in the spot cash price are certainly possible, particularly if weather concerns persist into the spring.
Prices now appear to be settling into a trading range that may persist into the first of the calendar year.
The USDA may want to consider expanding the scope of the subjective yield surveys it uses in making the forecasts in order to incorporate a wider range of market and industry participants.