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AgVenture WSC analyst Mike Toohill reviewed soybean yield factors heading into August, noting well-below-normal July rainfall in the Dakotas, northern Nebraska, northwest Iowa, southern Kansas and eastern Ohio. Only 18% of the U.S. soybean crop was planted by April 28, and the analyst expects August heat to have less yield impact than maps suggest.
Dry patches and late planting raise some yield risk for soybeans, but the analyst's view that yields will hold limits the bullish price impulse for soybeans and meal.
agventurewsc.comKristen WehmeyerJul 31, 2024After 324 past neutral weather events, Soybeans moved a median +0.0% over 5 sessions (52% higher; middle half -1.4% to +1.7%), and +0.7% over 20.
After 55 past neutral weather events, Soybean Meal moved a median -0.1% over 5 sessions (47% higher; middle half -1.7% to +1.5%), and +0.1% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
