Pro Farmer Crop Tour: Corn Prices Could Spike
The Pro Farmer Crop Tour ended yesterday, with less than optimal corn yields likely coming from Eastern corn belt. In contrast, corn yields in Nebraska, Iowa and Minnesota seem to be well on their way to filling up bins.
Put the two together, though, and you’re likely looking at less corn this year, says Pro Farmer editors Chip Flory and Brian Grete. Pro Farmer pegs the 2015 U.S. corn crop at 13.323 billion bu.; average yield of 164.3 bu. per acre.
Soybeans, in contrast, are doing well. Pro Farmer pegs 2015 U.S. soybean crop at 3.887 billion bu.; average yield of 46.5 bu. per acre.
What this all suggests is that corn prices could spike once the harvest comes in. Soybeans, not so much, particularly since China has backed off big time in its soybean purchases, says Flory and Grete.
Get much more detail here and watch a video with Flory and Grete here.