The Pro Farmer corn / soybean crop tour in the USA has been on this week. Focusing more on corn, it appears yields have been mixed, some higher, some lower than expectations, but reading through the pages of field reports it appears, generally speaking, that corn yields are expected to be somewhat worse than the current trade expectations.
Many fields appear to be much worse once you get into them versus a drive by crop estimate. This goes along well with what producers have been saying for a few weeks now. Many disagreeing strongly with the current USDA yield estimates. Yield estimates for corn are generally 20% – 25% lower across southern MN and Nth Iowa, Nebraska appears to paint a similar picture. The big question will be if yields in the marginal areas counter the better yields in the higher yielding areas. Illinois for instance has a better yield than last year, the third highest yield estimate over the last 10 crop tours.

US wheat futures gave back a slice of yesterday’s gains, the lower grade SRWW more so than the higher grades. In Canada cash bids XF SE Saskatchewan were a little softer, a Dec23 lift averaged C$343.15 per tonne, back around C$1.27.
Durum again bucked the trend in wheat and closed a smidge higher. Nearby durum averaged C$521.49 per tonne XF SE Sask, while durum bid for pickup in December averaged C$506.41 per tonne. Looking at French durum values overnight we see a decline of AUD$48 out of Port La Nouvelle. This backs up commentary out of that part of the world yesterday that suggested that the recent influx of durum from Turkey and Russia had plugged a nearby hole in quality supply into Italy. This left the N.African consumer as the main buyers and they are less strict on their quality demands than Italy, hence bids are generally much lower. Paris rapeseed was flat to lower. Both cash and futures in Canada saw canola close higher day to day.