December 8, 2022
US soybean futures rise

US soybean futures rise

US Soyabean Futures Rise Soybean futures rose in overnight trade amid continued dry weather in parts of Argentina and cold weather in Brazil, according to reports from Drier weather will increase areas in Argentina affected by soil moisture deficits, Maxer’s agricultural meteorologist Dan Keeney said in a statement.

Crop pressure will extend to fast-growing areas as dry weather continues this week, he said. In Brazil, rain may improve moisture levels in some northeastern growing regions, but cold weather will slow growth, Keaney said in his report. Frost does not form in cold weather.

The U.S. soybean harvest was 88% complete on Sunday, up from 80% the previous week, the Agriculture Department said in a statement. This is higher than the previous five-year average of 78%. About 76% of the U.S. corn crop was harvested earlier in the week, up from 61% seven days earlier, the USDA said. This is higher than the average of 64% for this time of year.

Sunday in the U.S. Despite a mostly upbeat crop progress report that showed only 28% of the winter crop in good or better condition, wheat futures fell overnight, the agency said in its first report. Only 24% of wheat in Kansas, the largest producer of the grain, received excellent grades. However, rain is expected in western Nebraska before moving into parts of Kansas, western Oklahoma and western Texas, Maxar’s Keeney said.