Corn Futures Soar, Soybeans Slip After Pro Farmer's Crop Estimates

Corn futures rose significantly on Sunday night, while soybean futures declined modestly in response to Pro Farmer's national crop estimates released on Friday. The estimates revealed a U.S. corn crop of 15.334 billion bushels with an average national yield of 173.2 bu. per acre, which reinforced expectations that the USDA will trim its crop estimate in coming months.

The Crop Tour results showed almost unanimous disappointment when it came to corn, with lower ear counts and subpar ear sizes weighing on production potential. Cooler-than-normal temperatures caused emergence issues, while a wet June in parts of the Corn Belt stunted growth before hot temperatures and dryness led to rapid growth, resulting in pollination issues and tip-back across Crop Tour states.

Soybean futures, however, were not as affected by the estimates, with Pro Farmer estimating the soybean crop at 4.572 billion bushels on an average yield of 53.3 bushels per acre. While soybean pod counts were down from last year, they remained above three-year averages in some key states, leaving potential for a strong finish.