Crop Yields Plummet as Soybeans and Corn Prices Climb

Soybean and corn futures rose overnight as disappointing crop tour results from Indiana and Nebraska raised concerns about yields. The Pro Farmer Crop Tour estimated an average of 1,318.64 pods in a three-by-three-foot area in Indiana, down from 1,376.59 pods a year earlier.

Pods in a three-foot row fell more than 6% year over year, and moisture levels were high due to excessive rainfall in the past week. Corn yield in Indiana is forecast at 183.5 bushels an acre, down from 193.8 bushels an acre last year.

In Nebraska, soybean pods in a three-by-three area estimated at 1,219.62 were down almost 10% on an annual basis, and corn yield is forecast at 163.6 bushels an acre, down from 179.5 bushels last year.