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Overnight Session Saw Soybeans Trying to Reverse Yesterday's Sell Off

Grains in positive territory to start the day

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Grains were in positive territory to start today. Soybeans were trying to reverse yesterday’s punishing sell-off while wheat and corn were only fractionally higher in anemic trade.

Day 4 of the Pro Farmer Tour estimated corn yields in Iowa at 188.17 bushels per acre, up from 180.25 bpa last year and the three-year crop tour average of 176.98 bpa. The estimate trailed the U.S. Department of Agriculture's forecast of 197 bpa. Soybean pod counts in a 3-by-3 foot area averaged 1,224.28 pods, just above last year's total of 1,219.21 pods and the three-year tour average of 1,106.70 pods.

Corn yield potential and soybean pod counts in Minnesota were above average but lower than 2015, scouts on an annual tour found on Thursday. Average corn yield was pegged at 182.32 bushels per acre. That compares with the tour's three-year average for the state of 180.91 bushels per acre and its 2015 findings of 190.87 bushels per acre. Minnesota soybean pod counts in a 3-by-3 foot area were at 1,107.60, down from 1,119.22 in 2015 but up from the three-year average of 1,006.73. Pro Farmer will release their US crop production forecasts today after the markets close.

In France, the corn crop there remained stable last week, data from farm office FranceAgriMer showed on Friday, after two weeks of decline that suggested dry summer weather was having an effect in the European Union's biggest grain producer. Some 63% of the crop was rated good or excellent as of Aug. 22, unchanged from a week earlier.

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