The drought's impact on soybeans is likely to be less severe, analysts said, reflecting the recent crop-friendly weather that has arrived during the oilseed's critical yield-setting development phase.
Further rains in U.S. grains regions are expected on Wednesday and Thursday. World Weather Inc said rainfall of 0.50 inch to 1.0 inch is now forecast in Missouri, west-central Illinois, western and southern Iowa and southern South Dakota.
Earlier forecasts had predicted rains at between 0.2 inch and 0.75 inch for the region.
"The rain could help part of the U.S. soybean crop which has been progressing very quickly and rain could boost yields or prevent more yield losses in the states that get wetter weather," FitzPatrick said.
"But I do not think the rain at a late stage will cause a major change in the outlook for the U.S. soybean crops as the rain has not covered all the Midwest."
In its most recent crop report, the USDA said 29 percent of soybeans remained in good-to-excellent condition for the week ended Aug. 5, snapping six straight weeks in which the crop's health had deteriorated.
"U.S. markets are easing as continued rains are forecast to reach areas of the Midweast corn and bean belt," Miralles said. "Corn demand rationing is the key market focus and much will depend on how aggressive the USDA cuts its crop estimates in Friday's report."
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