Soybean Crop Withstands Adverse Weather Again
17.08.2010 11:54 "Agro Perspectiva" (Kyiv) —
The U. S. soybean crop continued to fend off the effects of adverse weather in parts of the country this past week.
Today’s USDA crop progress report put the nationwide crop at 66% good to excellent as of Sunday, the second straight week the crop condition has remained unchanged in the wake of potentially damaging conditions. Traders had expected severe heat in major growing areas last week, along with flooding in Iowa, to send the crop rating lower today.
Last year’s soybean condition rating at this time was an identical 66% good to excellent.
The soybean crop in Illinois actually gained a single point from a week earlier to move to 64% good to excellent, although the Indiana crop fell a major 6 points to 59%. The Iowa crop lost 4 points from a week earlier to drop to 69% good to excellent. The Michigan crop gained 4 points to 75% and Ohio was up 3 points at 63%.
Across the country, 84% of the soybean crop was setting pods as of Sunday, compared to 71% a week earlier, 69% last year and 81% on average.
September soybeans lost 9 1/2 cents to US$10.34 today, and November closed 12 1/2 cents lower at $10.31 1/2. The losses in wheat and improved weather to start the week, with much more moderate temperatures across the northern Midwest and northwest growing areas, conspired to pull soybeans lower.
The USDA announced another sale to China this morning, this one for 220,000 tonnes for delivery during the 201011 marketing year.
The National Oilseed Processors’ Association (NOPA) reported this morning that its members crushed 124.181 million bu in July, down from 126.241 million in June, but up from 120.92 million a year earlier.
This week’s export inspections for soybeans were 13.48 million bushels, up from 7.26 million bu last week. Inspections need to average 15.4 million each week to reach the USDA’s export projection for 200910.