It is a fact: The corn crop is huge, and we will most likely see low prices for some time to come. In today’s report, USDA increased corn yield to 169.9 bpa from 169.5 bpa a month ago, despite the widespread expectation in the market for a decrease to around 167.9 bushels per acre (bpa). The Corn Belt saw nearly perfect weather during August, but conditions during July were not ideal, leading the market to believe that corn yield would be affected. Furthermore, crop conditions have been consistently lower than in recent years and continue to lag. However, the corn crop is now done, and even if yield goes slightly up or down, it is certain that the crop is big and healthy and will add to an already oversupplied global market.
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