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Finance & Markets

Corn, Soybean Traders Get Price-Bullish Pro Farmer Crop Tour

finance.yahoo.com ·

Corn, Soybean Traders Get Price-Bullish Pro Farmer Crop Tour

Corn and soybean traders welcomed bullish signals from the annual Pro Farmer Crop Tour, which took place in the main U.S. growing states for corn and soybeans. The tour generated surprisingly low yield numbers for corn, with a national U.S. corn crop production forecast of 15.344 billion bushels on an average yield of 173.2 bushels per acre.

This projected yield represented a 669 million bushel shortfall compared to the USDA August supply and demand report. In contrast, the soybean crop was projected to be 53 million bushels larger than the USDA August forecast, with an average yield of 53.3 bushels per acre. The Pro Farmer Crop Tour lead data analyst explained that only six of 33 districts sampled averaged 7-inch ears, which is the consistent threshold for big yields.

The tour data also showed that the ear length in several states, including Illinois and Indiana, had declined significantly compared to the previous year's tour. Despite these challenges, the tour's overall positive findings, combined with a weaker U.S. dollar index and bullish technical postures for grain futures, presented a favorable outlook for corn and soybean traders.

Written by urgent.news from Yahoo Finance's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.

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·hani.co.kr

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