Soybean condition revival offers ‘glimmer of hope’

The condition of US soybeans recovered to its best since late July as rains refreshed drought-hit crops, fuelling thoughts that a key crop report on Wednesday may turn out less downbeat than investors have forecast.

The proportion of the US soybean crop in “good” or “excellent” condition rose two points to 32% as of Sunday, the US Department of Agriculture said in a weekly report.

The revival – while helped by slight recoveries in crops in Illinois and Iowa, the top soybean producing – states, also included a four-point jump to 24% in the proportion of the Indiana crop rated good or excellent, boosted by rains including those which followed Hurricane Isaac.

USDA officials in Indiana, reporting “rain showers across most of the state”, said that “topsoil moisture has been recharged in many areas”, if noting that “the subsoil remains mostly dry as field tiles are still not running”.

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