Midwest Crop Tour Yields Boost Corn, Pressure Soy

Corn futures saw significant gains at the beginning of the week following the release of findings from the ProFarmer Midwest tour. The tour estimated a national average corn yield of 173.2 bushels per acre, which falls below the USDA's forecast of 180.7. This would mark the lowest national yield in six years if realized.

Contrastingly, soybean futures experienced mild pressure as the tour predicted a record-breaking crop with an estimated 53.3 bpa. This is higher than the already projected 2026 crop and suggests that soy production may expand further. The diverging paths of corn and soy prices dominated trading in the final week of August.

Wheat prices showed strength, particularly in the Kansas City and Chicago markets, driven by the ongoing Black Sea export cutoff. This limitation on global supply is supporting wheat prices.