Corn Surges to Three-Year High as Soybeans Tumble on Yield Estimates

Corn prices on the Chicago Board of Trade surged to a three-year high on Monday due to yield data from the Pro Farmer Crop Tour. The December contract reached its highest point since 2019, with analysts attributing the rise to lower-than-expected yield estimates from the tour.

The Pro Farmer Crop Tour estimated the US corn yield at 173.2 bushels per acre, down from the USDA's earlier estimate of 180.7. This resulted in a projected production of 15.344 billion bushels, compared to the USDA's forecast of 16.013 billion.

Soybean prices, on the other hand, suffered double-digit losses after rising for five out of six sessions prior to Monday. 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.

The USDA reported corn export inspections at 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.