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The Pro Farmer crop tour found record corn yield potential in Iowa, but Minnesota came in well below last year and its three-year average. The tour projected a US corn crop of 14.979 billion bushels, below USDA's 15.146 billion.
Eastern Corn Belt prospects were described as strong, while western areas were more variable.
The tour's national estimate is below USDA's, and USDA may cut Minnesota yields, which could tighten the balance sheet. Strong eastern yields still point to ample supply, so the net price effect is mixed.
grains.orgAug 29, 2024After 770 past neutral report events, Corn moved a median +0.2% over 5 sessions (54% higher; middle half -1.1% to +1.6%), and +0.7% over 20.
After 563 past neutral report events, Soybeans moved a median -0.1% over 5 sessions (48% higher; middle half -1.7% to +1.6%), and -0.1% 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.
