Corn was higher in overnight trading after the Pro Farmer Crop Tour indicated reduced year-on-year production, while soybeans were lower as participants predicted higher production, according to agriculture.com. US corn growers are expected to produce 13.759 billion bushels at a yield of 168.1 bushels per acre, Pro Farmer said in its final crop estimates after its four-day trip to the Midwest.
The US Department of Agriculture earlier this month projected production at 14.359 billion bushels with a yield of 175.4 bushels per acre. US soybean production is seen by tour participants at 4.535 billion bushels with a yield of 51.7 bushels per acre. That compares with USDA's production outlook of 4.531 billion bushels at a yield of 51.9 bushels per acre.
Iowa and Illinois, the top producers of both crops, showed the most potential, according to tour data. Corn production in both states has been fixed at 198 bushels per acre. USDA forecasts current marketing year corn production at 205 bushels per acre in Iowa and 203 bushels per acre in Illinois.
Soybean production in Iowa was seen on the tour at 60 bushels per acre and Illinois is forecast at 64 bushels per acre. The government projected bean production in Iowa at 58 bushels per acre and in Illinois at 66 bushels per acre. Corn futures for December delivery rose 6 3/4¢ to $6.71 a bushel overnight on the Chicago Board of Trade.
Soybean futures for November delivery fell 19 1/4¢ to $14.42 a bushel. Soybean meal fell $2.10 to $426.40 a short ton, while soybean oil futures dropped 1.1 cent to 65.78 cents a lb. Wheat for December delivery lost 6 1/4¢ to $7.99 a bushel, while Kansas City futures fell 8 3/4¢ to $8.73 ½ a bushel.