USDA: U.S. soybean good-to-excellent rate unexpectedly improves, while analysts expect decline
WASHINGTON, Aug. 2 (Reuters) – The U.S. Department of Agriculture’s weekly national crop progress report showed U.S. soybeans were 1 percentage point better than a week earlier, while analysts expected crop conditions to decline.
In the 18 states that account for 96% of the national soybean planting area, as of July 31 (Sunday), the US soybean bloom rate was 79%, 64% last week, 85% last year, and the five-year average of 80%.
The soybean pod setting rate was 44%, 26% last week, 56% last year, and the five-year average was 51%.
The soybean good-to-excellent rate was 60%, 59% last week, and 60% in the same period last year. The ratio of soybean ratings this week is 11% excellent, 49% good, 29% fair, 8% poor, and 3% bad; last week, 10% were good, 49% good, 30% average, 8% bad, and 3% bad; last year In the same period, it was excellent by 12%, good by 48%, average by 28%, poor by 9%, and poor by 3%.
Before the report was released, analysts on average expected a soybean good-to-good rate of 58%, with a forecast range of 56% to 59%.
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