As of July 20, 73% of the U.S. soybean crop was rated as being in either good or excellent condition by the U.S. Department of Agriculture (USDA) – the best rating since 1994. At the same time the U.S. corn crop ratings are at their highest in ten years at 76% being in top condition as optimal weather in the Midwest drives up yield expectations. Soybeans entered a bear market on July 3 after prices fell 17% over the past 12 months, and moderate temperatures in the U.S. are reducing the chances of damage to late-stage plant development as the season progresses. U.S. soybean output is forecast by the USDA to reach an all-time high and U.S. corm output is expected to be the second highest on record. Corn yields in parts of Illinois are reaching a record 193.3 bushels per acre – 29% higher than the five-year average, and soybean yields in certain areas of the state are reaching 52.5 bushels per acre – 25% higher than last year, according to Doane Advisory Services Co.
To receive relevant news stories with summaries provided by GAI Research & Insight, subscribe to Global AgDevelopments, our free weekly enhanced eNews service