The nation’s corn crop may look good from the windshield but a closer inspection reveals a different picture.
Doane Advisory Service analysts spent the last two weeks checking fields from Nebraska to Ohio. Senior Economist Marty Foreman says his team saw some potentially above-average yields in the western Corn Belt – just not enough of them… TRT :21 OUT – looks like.”
In the eastern Corn Belt states of Indiana and Ohio, where crops were planted late due to too much rain and are now thirsting for water… TRT :21 OUT – those areas.”
Foreman pegs the U.S. corn yield average at 157.5 bushels per acre – about a bushel less than USDA’s July projection – and says if weather conditions don’t improve the remainder of August, the average yield will likely fall below 155-bushels.
USDA will issue its first survey-based yield estimates for corn and other spring-planted crops on Thursday.
Extra cut
Marty Foreman, senior economist at Doane Advisory Service, says CBOT corn futures appeared to be trading a 13.1 billion bushel U.S. crop heading into Thursday’s USDA report… TRT : 37 OUT – production estimate down.”
The average trade guess on corn yields is 155 bushels per acre.