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Analyst calls Midwest Crop Tour findings mixed for markets

A market analyst calls findings from the Midwest Crop Tour mixed.

Naomi Blohm says the industry was looking for more of a triumphant, ‘see I told you that crop wasn’t there’ type of reaction, and we didn’t quite get it.

She tells Brownfield expectations of substantially lower yield projections along the tour might’ve been unrealistic.

“My final thought is that (corn yields) could come in around 165 to 166 when all is said and done, and how this crop finishes is still up in the air.”

Blohm predicts USDA will chisel away at projected corn yields moving into harvest, and says she’s very anxious about how soybeans finish out.

“The thing to remember is that if we end up with soybeans closer to trend-line, which would be 48 bushels per acre, and not the 49.5 like we have right now, that takes ending stocks from 475 million bushels down to 353 million.  And that is a very different situation for prices.”

The final results of the Midwest Crop Tour, which traveled Ohio, South Dakota, Indiana, Nebraska, Illinois, Iowa and Minnesota, will be released this afternoon.