Corn Prices Soar to Three-Year High as Soybeans Fall

The Chicago Board of Trade saw significant gains in corn prices on Monday, with the December contract reaching a three-year high. This surge is attributed to yield data from the Pro Farmer Crop Tour last week, which estimated US corn yields at 173.2 bushels per acre, down from the USDA's earlier estimate of 180.7.

The tour also projected production at 15.344 billion bushels versus the USDA's forecast of 16.013 billion. Meanwhile, the USDA reported corn export inspections totaled 1.296 million tonnes during the week ending Aug. 20, down one-third from the previous week and 3.2% lower compared to the same week last year.

However, soybeans suffered double-digit losses on Monday after rising in five of its previous six sessions. The Pro Farmer tour estimated a national yield of 53.3 BPA, which would be a new record, surpassing the USDA's August estimate of 52.7. Production would also be a record-high of 4.572 billion bushels, 53 million above the USDA's projection.

The wheat market was steady to lower on Monday, despite being supported by rising corn prices and concerns over restricted grain movement in the Black Sea. The USDA reported 425,668 tonnes of wheat inspected for export last week, 17.3% less than the previous week and 59.4% lower than the same week last year.