The US soybean crop is expected to benefit from rain in the coming days, which might also alleviate dry soil concerns in the Midwest, which is America's top soybean producing region.
Beneficial rain is expected to hit the Midwest region for the next few days, the US Department of Agriculture said July 9. Five-day rainfall totals could reach 1 to 2 inches in the Midwest, it added.
Rainfall in the Midwest in coming days should alleviate dry weather concern for US soybean farmers and pressure soybeans futures prices which is currently trading close to $9/bu on Chicago Board of Trade, a market source said.
A series of cold fronts will maintain the likelihood of scattered showers and thunderstorms across the remainder of the central and eastern US, the USDA said.
Aside from local wind and hail damage, the thunderstorms are generally benefiting corn and soybeans, some of which are entering the reproductive stage of development, the USDA added.
US farmers have finished planting soybeans in the intended 83.5 million acres for the 2020-2021 marketing year through July 5, and 31% of the crop has bloomed so far, which is up 23 percentage points on the year and seven percentage points above the five-year average, according to data released July 6 by the USDA's crop progress report.
The 2020-2021 marketing year runs from September 2020 to August 2021.
The soy crop bloomed in almost all the Midwestern states stayed ahead of the five-year average pace due to favorable weather in the week ended July 4, market sources said.
With sufficient rainfall in majority of the regions so far since early June, soybean crop conditions were rated 71% good to excellent, 18 percentage points ahead of last year, the USDA said in its crop progress report earlier.
US soybean output is projected to total 112 million mt in 2020-2021, up 16% on the year assuming no severe weather disruptions, the USDA said earlier in June's supply and demand report.
