Sep 20, 2014
Home| Tools| Events| Blogs| Discussions Sign UpLogin

U.S. Soybeans in Best Shape Since 1994 on Midwest Weather

July 22, 2014
Soybeans Miss cc070114
  
 
 

The U.S. soybean crop is in the best shape for this time of year since 1994, while corn ratings are the highest in a decade as mild Midwest temperatures helped boost the outlook for yields.

Seventy-three percent of the U.S. soybean crop was rated in good or excellent condition as of July 20, the U.S. Department of Agriculture said yesterday. Seventy-six percent of corn earned the top rating, the most for this time of year since 2004.

Soybean prices tumbled 17 percent in the past 12 months, while corn entered a bear market on July 3. A lack of heat through the end of the Northern Hemisphere summer will limit threats during later stages of plant development, according to Commodity Weather Group LLC. Bigger U.S. crops are helping to keep global food inflation in check, with the United Nations reporting a third monthly drop for prices in June.

"The corn has been outstanding for a long time," Mike Seery, the president of Seery Futures in Plainfield, Illinois, said in a telephone interview. "It’s healthy as a horse. Soybeans were very small about a week ago, and they’ve doubled or tripled in some areas. The weather has just been so phenomenal that it’s difficult to have a big rally."

Soybean futures for November delivery fell 0.2 percent to $10.69 a bushel on the Chicago Board of Trade today. Prices reached $10.65 on July 11, the lowest for a most-active contract since Oct. 8, 2010. Corn dropped to $3.705 a bushel yesterday, the lowest since July 14, 2010.

 

Record Crops

 

U.S. soybean production will surge to an all-time high in the year that starts Sept. 1, and corn output will be the second-largest on record, the USDA said on July 11.

Corn yields in parts of southern Illinois are poised to reach a record 193.3 bushels per acre, 29 percent higher than the prior five-year average, according to estimates from this week’s Doane Advisory Services Co. Midwest crop tour. Soybean yields on the first day of the tour averaged 52.5 bushels per acre, 25 percent higher than last year.

While mild temperatures will aid crops, some of the Midwest may be drier than normal, though "perhaps not dry enough for a substantial yield threat," Bethesda, Maryland-based Commodity Weather Group said in a report yesterday.

R.D. Wolheter, a 65-year old farmer who’s growing corn and soybeans on 4,000 acres near Wolcottville, Indiana, expects his yields for the grain to reach about 195 bushels.

READ MORE
Previous 1 2 Next

See Comments

RELATED TOPICS: Corn, Soybeans, Crops

 
Log In or Sign Up to comment

COMMENTS

No comments have been posted



Name:

Comments:

Receive the latest news, information and commentary customized for you. Sign up to receive the AgWeb Daily eNewsletter today!.

 
 
Enter Zip Code below to view live local results:
bayer
 
 
The Home Page of Agriculture
© 2014 Farm Journal, Inc. All Rights Reserved|Web site design and development by AmericanEagle.com|Site Map|Privacy Policy|Terms & Conditions