US farmers expect a record corn harvest

The U.S. corn crop could be the second largest on record as rains in July supported the crop at its critical developmental stage, offsetting dry conditions earlier in the season and hot summer temperatures.

The bumper harvest will boost domestic stocks, which are expected to rise as demand for U.S. corn exports declines due to a massive harvest in Brazil, which is expected to overtake the U.S. as the world’s largest corn supplier.

According to farmers, drought-resistant genes and other improvements in genetically modified corn have allowed the crop to withstand severe drought in much of the Midwest.

Over the past 30 years, corn harvest estimates in July have been raised only six times.

As a reminder, as of August 6, experts recorded a slight improvement in the condition of corn crops in the US:

• in excellent condition – 10% (last week – 10%);
• good – 47% (45%);
• 29% (30%) – in satisfactory condition;
• poor – 10% (10%);
• very poor – 4% (5%).

Tags: crop forecast, corn, USA