Posted by: usset001 | July 17, 2014

U.S. soybean conditions point to a good crop

US Soybean Conditions 2014Like many grain analysts, I like to track crop conditions and the weekly updates. The latest report indicates that soybean conditions throughout the U.S. are very good relative to the average year. Current conditions are even favorable in comparison to an average of the four best years since 1990 (1992, 1994, 2004 and 2005, based on yields relative to trend).

Before we get too excited, I think we should remind ourselves that the soybean crop has a long ways to go before it is made. Case in point: 2003. Soybean crop conditions at this time in 2003 were nearly as good as current conditions, but August turned dry and the 2003 crop was a poor one. That said, it is noteworthy that current conditions are better than all years going back to 1994, as of mid-July. It’s a great start!

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