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Pro Farmer estimates the 2024 US corn crop at 14.979 billion bushels with a 181.1 bu/acre average yield and soybeans at 4.740 billion bushels at 54.9 bu/acre. State estimates include Illinois at 220 bu/acre and Iowa at 212 bu/acre, with Minnesota weaker due to wet spring conditions.
Pro Farmer's corn estimate sits below USDA expectations, which can tighten the corn balance sheet and support prices, while its higher soybean estimate is bearish.
profarmer.comPro Farmer EditorsAug 23, 2024After 1,040 past bullish report events, Corn moved a median +0.5% over 5 sessions (62% higher; middle half -0.9% to +2.0%), and +0.8% over 20.
After 788 past bearish report events, Soybeans moved a median -0.3% over 5 sessions (47% higher; middle half -2.0% to +1.5%), and -0.9% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
