US Crop Damage Pushes Grain Prices Above $5 Per Bushel

The severe weather across the US has caused significant damage to crops, leading to a rise in grain prices. The Pro Farmer Crop Tour, which has been monitoring fields for 34 years, recently concluded its annual survey of Midwest farmland and reported disappointing corn yields. According to the tour's estimates, Iowa's corn yield is down from last year's 198.4 bushels per acre to 194 bushels per acre.

The USDA had forecasted a yield of 216 bushels per acre, but the actual numbers are lower. Nationally, the tour's corn yield estimate sits 4.2% below what the USDA projected in its August report.

Maxence Devillers, a crop scout and grains analyst at Argus, described corn yields as 'disappointing for everyone in the Midwest.'

Chip Flory, who leads the tour's western leg, observed lower ear populations, shorter kernel depth, and inconsistent field performance in several areas.