Soybean production may inch higher on the USDA October report due to soaking rains from Hurricane Isaac.
The USDA projected the national soybean harvest at 2.63 billion bushels in the September report, a 19% cut below the 2009-2011 average. Severe summer drought explains the steep decline. Is the soybean estimate low enough? Most likely yes.
Comparing the drought to 1988, the closest analog for extreme summer heat and moisture stress, we find this year’s drought to be relatively less extreme... subscribers continue to full story...