A larger percentage of the U.S. corn grain acreage was harvested in August this year than is typically the case. The availability of large new crop corn supplies during the last month of the previous marketing year makes it more difficult to anticipate the magnitude of old crop stocks on September 1.
According to the USDA’s weekly Crop Progress report, 6 percent of the corn acreage in the 18 major producing states was harvested as of August 26 and 10 percent was harvested as of September 2, implying about 9 percent of the acreage was harvested by the end of August. Harvest progress by the end of August last year, and the average for the previous 5 years, was about 2.5 percent. If the average yield of the harvested acreage this year was near the average of 122.8 bushels forecast for the U.S, then about 965 million bushels were likely harvested in August, compared to about 310 million bushels likely harvested in August last year. <Read More>
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