Corn Condition Drops Following Seasonal Trend – 08/18/2020

USDA cut the US corn rating to 69% good or excellent from 71% the previous week. As can be observed in the chart ratings have a strong bias to drop in the late summer. The summer storm of 8/10/2020 likely did some damage in Iowa, but the quantity of corn lost will likely be less than one bushel per acre on a national basis. The standard error of the final corn estimate as a function of the August forecast is six bushels per harvested acre.