US Corn Prices Rebound as Crop Tour Yields Disappoint

Corn prices have rebounded on Wednesday morning, rising by 2 to 3 cents. This comes after mixed trade on Tuesday, when futures closed as much as 1 ¾ lower to a penny higher across the board.

The ProFarmer Crop Tour results showed Nebraska corn yields averaging 163.61 bushels per acre, down 8.85% from last year and 5.6% below the three-year average. Indiana yields were also lower, at 183.54 bpa, down 5.3% from a year ago and 2.1% below the three-year average.

The weekly Crop Progress report showed condition ratings down 1% this week, with states like Kansas, South Dakota, and Nebraska experiencing deteriorating conditions. However, some states such as North Dakota and Ohio saw improvement in their condition ratings.