Grain Markets See Modest Downside Corrections Overnight Amid Profit-Taking

Grain markets experienced modest downside corrections overnight in response to profit-taking from shorter-term traders ahead of the weekend. By 6:00 a.m. CDT, December corn had dropped by 1 1/2 cents, while November soybeans were down 5 1/4 cents and September SRW wheat prices fell by 3/4 cent. Meanwhile, September HRW wheat prices declined by 5 1/4 cents.

The Pro Farmer Crop Tour concluded its final leg on Thursday after assessing crops in Minnesota and Iowa. The tour's results showed that Minnesota's corn yield came in at a strong 199.01 bushels per acre, down 1.9% from last year but 8.7% above the three-year average. In contrast, USDA had forecasted a decline of 1.5% from last year's record high to 197 bushels.

The tour also found that Minnesota's soybean crop potential was particularly impressive, with a pod count of 1,257.80 in a 3'X3' square, up 0.8% from last year and 15.4% above the three-year average. This stands out as the only crop to show a year-over-year rise among the seven states sampled by the tour.

Eastern and central Iowa pulled up estimates after lackluster readings in western Iowa on Wednesday. The state's average corn yield came in at 193.98 bushels per acre, down 2.2% from last year but 1.4% above the three-year average. USDA expects Iowa's corn yield to rise to a record 216 bushels this year, up 2.9% from 2025.