Soybeans in 2012 need heavy rainfall soon to avoid a severe reduction in crop size, perhaps even worse than the 22% production loss incurred in the 1988 drought.
Very severe drought this summer calls into question the ability of soybeans to improve on the 1988 yield. In the analog year, the drought began to ease in mid July delivering near-normal rainfall to soybeans the last half of the growing season.
US soybean crop ratings fell to a season low 31% good-excellent, 60% fair and 36% poor-very poor on the July 22 report from USDA. That was still slightly better than the 1988 soybean conditions on the same date, 25% good-excellent, 55% fair and 20% poor very poor. However, in 1988 soybeans were on the upswing from increasing rainfall in late July... subscribers continue to full story...