Midwest Crop Tour Estimates Are In

Corn Prices Up for the First Time in Four Sessions

October 2, 2020

US soybean futures rose 0.5 percent on Thursday on expectations of higher demand from the bio-diesel sector while corn edged higher after a widely watched tour reported lower yield estimates in key producing regions. Wheat futures were also firm on strong demand but new signs of a hefty Russian harvest capped gains.

The uptick in support for corn came as the Farm Journal Midwest Crop Tour said Illinois corn yields are projected to fall about 6.6 percent from last year’s near-record crop after surveying 205 fields across the No. 2 corn-producing state. Corn yield potential and soybean pod counts were also lower from a year ago and below the three-year average across western Iowa, with the crops showing signs of stress from dryness during June and July, scouts on the annual tour found on Wednesday.

Looking for $7 a trade commissions with streaming real-time quotes for only $1/month; try a Demo of the Grain Hedge Platform!

Farm Journal Midwest Crop Tour Estimates:

Illinois Average Corn Yield at 180.72 bushels per acre; down from 193.50 last year
Illinois Average Soybean Pod Count at 1,230.77 in 3-By-3 foot area, down from 1,318.09 last year.
Corn Yield in Iowa Crop District 1 at 178.67 bushels per acre versus 186.82 a year ago.
Corn Yield in Iowa Crop District 4 at 179.36 bushels per acre versus 182.65 a year ago.
Corn Yield in Iowa Crop District 7 at 185.65 bushels per acre versus 191.87 a year ago.
Iowa District 1 Average Soybean Pod Count at 986.49 in 3-By-3 Foot area versus 1,226.21 a year ago.
Iowa District 4 Average Soybean Pod Count at 1,158.06 in 3-By-3 Foot area versus 1,265.39 a year ago.
Iowa District 7 Average Soybean Pod Count at 1,133.76 in 3-By-3 Foot area versus 1,380.97 a year ago.

Net sales for wheat in marketing year 2017/2018 were down 39 percent from the previous week and 11 percent from the prior 4-week average. Net sales for 2016/2017 corn were up 64 percent from the previous week and 68 percent from the prior 4-week average. Net sales reductions for soybeans of 400,300 MT for 2016/2017; a marketing year low, were down noticeably from the previous week and from the prior 4-week average.

Weekly Export Sales-