The latest US Crop Progress Report highlighted a 5 percentage point (p.p) week-on-week (w-o-w) increase to 59% of the US soybean crop rated to be in good-to-excellent condition in the week ending 13th August. The improvement in crop conditions, attributable to cool weather across the US Midwest in the past week, put crop rated to be in good-to-excellent condition 1 p.p higher compared to the previous year and 4 p.p higher than the average trade estimates. Blooming and pod setting progress were also reported to be up by 4 p.p and 12 p.p from last week; remaining 2 p.p and 3 p.p, ahead of the 2018-2022 average.
The CBOT soybean futures price (Aug-23) settled at USc 1,391/60 lbs bushel, down by USc 10.2/60 lbs bushel, on 14th August, following the release of the report. However, forecasts for warmer weather in the coming days will be a watch-point for crop progress, as unfavourable weather could have a more significant impact on crop quality as the crop is in its key development stage.
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