Soybean yields decline due to hot weather in the US
The U.S. weather forecast through July 2 calls for warm but wet weather across the U.S. corn belt, according to Midwest Market Solutions.
Experts say the weather will create a “greenhouse-like effect” that will not benefit corn and soybean crops due to high humidity at night, which could contribute to the spread of rot diseases.
Experts say “the lack of favorable weather forecast for the U.S. harvest is currently weighing on the market amid potential conflicts between the U.S. and Iran.”
However, hotter and drier weather is forecast for the winter wheat plains, which should facilitate harvesting. Conditions will also improve in the Canadian prairies.
Despite the negative forecasts, global bean production this season promises to be a record. Brazil’s soybean production is forecast to reach 169 million tonnes, up from 154.6 million tonnes in last year’s drought, thanks to expanded plantings. The U.S. could harvest 118.84 million tonnes, up from 113.27 million tonnes previously, while Argentina’s harvest is expected to reach 49 million tonnes.
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