The U.S. Midwest crop tour sponsored by advisory service Pro Farmer last week disappointed market watcher who thought it would provide a much different view of U.S. production prospects than the August U.S. Department of Agriculture report.
That report had a surprisingly high soybean crop forecast.
But what the tour saw did not deviate that much from the USDA report.
The tour pegged the U.S. soy crop at a record 4.331 billion bushels, only a little less than the USDA forecast of 4.381 billion.
Pro Farmer, a division of Farm Journal Media, estimated U.S. soy yield at 48.5 bu. per acre, a little lower than the USDA’s prediction of 49.4 bu. per acre.
Tour scouts found fewer soybean pods than in 2016 in the top three producing states of Iowa, Illinois and Minnesota, which could limit yields at harvest.
The tour corn forecast was 13.953 billion bu., down from USDA’s forecast of 14.153 billion bu.
The tour’s average corn yield forecast was 167.1 bu. per acre, shy of the USDA’s forecast of 169.5 bu.