Corn futures hit three-year highs on Monday amid disappointing U.S. yield findings from last week’s Pro Farmer Crop Tour. Meanwhile, soybeans ended with solid losses and wheat closed mainly weaker.
The crop tour pegged the 2026 U.S. corn yield at 173.2 bu/acre, versus the USDA’s August estimate of 180.7 bu/acre. Pro Farmer projected production at 15.344 billion bu, compared with the USDA’s forecast of just over 16 billion. Worries about potential El Nino-related production problems in Brazil and uncertainty surrounding Ukrainian exports also underpinned corn. December settled 7 cents higher at $5.15 ½, and March gained 6 ¾ cents to $5.30 ¼.
Soybeans moved the other way. Unlike for corn, Pro Farmer’s soybean findings were bearish relative to USDA, with the tour estimating a record 53.3 bu/acre yield and 4.572-billion bu crop, above the USDA projections of 52.7 bu/acre and 4.519 billion bu. Falling crude oil prices also weighed. November beans dropped 15 ¼ cents to $12.24 ¼, and March lost 14 ½ cents to $12.44 ½.
Wheat futures finished mainly lower despite continued concerns about Black Sea grain movement. Reports that India will allow up to 5 million tonnes of wheat exports pressured. December Chicago managed a ¼-cent gain to $6.99 ½, but December Kansas City fell 5 ¼ cents to $7.67 ¼. December Hard Red Spring slipped ¾ of a cent to $7.17, and December Minneapolis closed 3 ¼ cents lower at $7.21 ¼.
