Friday, October 26, 2007

Soybean market watches U.S. harvest, Brazil's planting

From the Prairie Star (Great Falls, MT):

The soybean industry watched two growing seasons carefully in mid- to late-October.

Wet conditions in the Midwest stymied the last 20 percent of soybean harvest. Dry conditions in Brazil slowed soybean planting in the Mato Grosso.

“I'm more worried about the soybean crop (than the U.S. corn crop), and the situation on how we're going to get the soybeans out of the fields, and how the moisture is going to affect the quality and bushels in the bean crop,” said Roy Abbott, president of Abbott Futures, in Minneapolis.

In the northern Mato Grosso, farmers were waiting for rains to plant their fields. Some beneficial rainfall was in the forecast.

Some areas of Brazil and Argentina were already too wet....MORE