In the overnight session the grains were mostly mixed with corn showing relative strength with a 3/4 cent gain. Soybeans slipped 5 1/4 cents lower and wheat fell another 4 cents. The U.S. dollar is trading down .6 percent and crude oil is off 41 cents. Pro Farmer will release its U.S. yield forecast today after the close of trade.
Last night Pro Farmer announced its Minnesota Corn yield estimate at 190.87 bushels per acre which was up significantly from last year’s 170.76 and the USDA’s August estimate of 184 bushels per acre. The scouting tour also counted an 8 percent increase in soybean pods over last year with a count of 1,119.22 in a 3x3 foot area. Pro Farmer estimated Iowa corn yield at 180.25 bushels per acre, down from the August USDA production estimate of 183 bushels per acre. Soybean pod count in Iowa was up 3.8 percent this year with 1,219.21 pods counted in a 3x3 foot area.
In Europe, FranceAgrimer rated the French corn crop 55 percent good-to-excellent this week which was unchanged from the previous week showing some stabilization in the crop after hot, dry conditions stressed the crop this growing season.
China soybean imports rose to 9.5 million metric tons in the month of July, an increase of 27 percent over last year. China’s corn and corn substitutes also hit record highs in July as buyers took advantage of cheap South American prices.