How Much Corn?
Posted: August 11, 2008
USDA will provide its latest answer to the question “How much corn this year?” early Tuesday morning with the latest crop forecast.
The pre-report wagering is expecting that the report will indicate less flood damage to the crop than was originally anticipated in Iowa, Illinois, Missouri and Wisconsin. The average analyst forecast is calling for a crop of 11.94 billion bushels of corn this year - not off too much from the original forecast of 12.2 billion prior to the flooding.
The condition of the crop has been rated higher than last year in recent weeks - about 66 percent good to excellent - mainly the result of ideal growing conditions over the past month.
The August crop report is significant because it is the first of the year based on actual visits to farm fields and interviews with growers. The report will be released at 7:30 central time Tuesday morning.