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Soybean Condition Steady, Crop Development Speeds Ahead
08.09.2010 11:38 "Agro Perspectiva" (Kyiv) —
The condition of the U.S. soybean crop held steady this past week, while development continued to speed ahead.
According to today’s USDA crop progress report, 19% of the nationwide crop was dropping leaves as of Sunday, up 11 points from a week earlier, and ahead of last year and average at 7% and 15%.
In Illinois, 17% of the crop was dropping leaves, versus 8% the previous week, 7% last year and 15% on average. The Indiana crop took a huge step forward, with 39% of the crop dropping leaves compared to just 14% a week earlier, 5% last year and 15% on average. In Iowa, a relatively 9% of the crop was dropping leaves, up 6 points from the previous week and last year and 1 point behind average.
The Michigan crop was 15% dropping leaves, up from 2% a week earlier and 6% on average. In Ohio, 29% of the crop was dropping leaves, versus 8% the previous week and last year and 14% on average.
Meanwhile, 64% of the soybean crop was rated good to excellent as of Sunday, steady from the previous week but 4 points lower than last year.
The crop in Illinois gained 4 points to 63% good to excellent, while Indiana slipped 4 points to 51% and Iowa held steady at 69%. The Michigan crop fell 2 points to 68% and Ohio lost 6 points to 57%.
Soybeans closed strongly higher today, with November up 17 cents to US$10.52 and January up 17 3/4 cents to $10.61 1/2. The gains in soybeans were credited to a rally in soyoil, which was touched off by the USDA’s announcement of three export sales totaling 90,500 tonnes, all for delivery in 2010–11. The biggest sale was for 40,000 tonnes to China, the next largest was for 29,500 tonnes to an unknown destination and the smallest was for 21,000 tonnes to Peru.
This week’s export inspections for soybeans were 13.921 million bu, up from last week’s total of 8.044 million bu. Inspections need to average 27.538 million bu each week to reach the USDA’s current export projection for the 2010–11 crop marketing year.
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