Bullish Signals Emerge in Corn and Soybean Markets After Pro Farmer Crop Tour

Corn and soybean traders are feeling bullish after the Pro Farmer Crop Tour results. The tour, which saw over 100 scouts visit major corn and soybean growing states, reported surprisingly low yield numbers for corn, with an average yield of 173.2 bushels per acre, compared to the USDA's August forecast of 180.7 bushels per acre.

The Pro Farmer Crop Tour data suggested a U.S. corn crop production number of 15.344 billion bu., which is 669 million bushels smaller than the USDA's August supply and demand report. The soybean crop, on the other hand, was projected to be 53 million bu. larger than the USDA's estimate.

Respected ag market analyst Jim Wiesemeyer said that the ear-length data from the tour is a key indicator of yield, and that only six of 33 districts sampled averaged 7 inches or better. He noted that Indiana grain length fell 3.9% from last year's Tour, while Illinois saw a 4.8% decline.