The U.S. Department of Agriculture estimated 19 percent of the crop was in excellent condition, 52 percent in good condition and 24 percent fair. The remaining 4 percent was poor and 1 percent looked very poor as of Aug. 4.
Trent Irby, an associate director with the Mississippi State University Extension Service and the former state soybean specialist, said depending on the area, the crop is mostly in good shape.
“We are fortunate to have a lot of acres with irrigation capabilities, so those acres, up to this point, look to have a lot of potential,” he said.
But, because of supply and demand, the prices are lower.
“Since May 1, the November 2024 soybean futures contract has declined by nearly $2 per bushel to settle around $10.22 per bushel as of July 31,” said Will Maples, extension agricultural economist. “A perfect combination of supply and demand is driving the market lower.”
The crop harvest is usually complete by late fall to early winter.
