Grains Bounce Back: Soybean and Corn Futures Rise Amid Crop Tour Estimates

Soybean futures at the Chicago Board of Trade rose on Friday as they continued to follow the results of the Pro Farmer Crop Tour. The tour estimated that soybean pod counts for Iowa were down 1.6% from last year, but up in Minnesota by 0.9%. This news came alongside two private sales of 2026-27 soybeans announced by the United States Department of Agriculture: one to China and another to unknown destinations.

The USDA also released a projection for Argentine ethanol fuel production, which is expected to hit a record 1.35 million litres in 2026, up from last year's 1.295 million litres. Meanwhile, COFCO in China believes the Brazilian soybean crop will be smaller than anticipated due to El Nino.

Corn futures also rose on Friday in sympathy with soybeans, according to the Pro Farmer Crop Tour. The tour estimated Iowa corn yields at 193.98 bushels per acre, down 2.2% from last year, while Minnesota's yield was a 1.9% decrease. A private sale of 205,000 tonnes of 2026-27 corn to unknown destinations was also announced by the USDA.

However, wheat futures were lower on Friday as they faced resistance. SovEcon lowered its call on the 2026-27 Russian wheat crop by 300,000 tonnes at 88.2 million.