US soybean planting reaches the final stretch and crop conditions are excellent for the period

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Porto Alegre, June 25th, 2024 – According to the United States Department of Agriculture (USDA), through June 16, the planted area was at 93%. In the previous week, the percentage was 87%, while in the same period last year, it was 97% complete. The five-year average for the period is 91%.

Regarding crop conditions, USDA indicates that 70% of US soybean crops are in good or excellent condition, 25% in fair condition, and 5% in poor or very poor condition. In the previous week, the percentages were 72%, 24% and 4%, respectively. In the same period of the previous year, the percentages were 54%, 34% and 12%, respectively.

The period between June 14 and 20 saw greater moisture in some states in the northern half of the growing belt, which may have prevented the completion of work in states such as Minnesota. In the other states of the growing belt, moisture was low, which must have allowed for the planting progress and completion.

Climate maps now point to the maintenance of greater moisture over some states in the northern half of the growing belt from June 21 to 27, which should be favorable to sown crops but could prevent the completion of work in small remaining areas. The rest of the belt should receive some rain but without excess.

From June 28 to July 4, moisture increases throughout the belt, but with greater precipitation being expected again for states in the northern half.

Regarding temperatures, the trend for the next 14 days is for temperatures above average in most of the US growing belt, which could bring some speculation to Chicago. Despite this, we highlight that as the climate must be moist, the impacts of higher temperatures tend to be small. Even so, as we are entering the peak of the US climate market, we may experience some volatility in this regard.

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