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Soybean Condition Shrugs off Hot Weather
10.08.2010 13:24 "Agro Perspectiva" (Kyiv) —
Like corn, the U.S. soybean crop managed to shrug off the impact of some hot weather this past week.
According to today’s USDA crop progress, 66% of the nationwide soybean crop was in good to excellent condition as of Sunday, steady from a week earlier and last year. Ideas the soybean quality rating might be lowered due to stress in the Delta and elsewhere from an extended streak of very hot weather actually provided some support to soybean futures today.
Crop conditions were unchanged from the previous week in Illinois, at 63% good to excellent, while Indiana added a single point to 65% good to excellent. Iowa was up 2 points to 73%. The Michigan crop slipped a single point to 71%, and Ohio was steady compared to week earlier at 60%.
Across the country, 93% of the soybean crop was blooming as of Sunday, up from 86% a week earlier and ahead of last year and average at 85% and 90%. That portion of the crop setting pods was estimated at 71% versus 53% the previous week, 52% last year and 67% on average.
September soybeans closed 4 1/2 cents lower at $10.34 1/2 while November gained 1 1/2 cents to $10.35. The nearby contract was pressured by profit taking today, while the new-crop contracts were supported by strong export demand. The USDA today announced a sale of 284,000 tonnes of soybeans to China for delivery during the 2010–11 crop marketing year.
This week’s export inspections for soybeans were 7.13 million bu, down from 10.65 million last week. Inspections need to average 13.498 million bu each week to meet the USDA’s current export forecast for the 2009–10 cop marketing year.
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