Corn Crop Rating Declines but still supports the September estimate – 09/17/2020

USDA rated 60% of the U.S. corn crop in good or excellent condition as of mid September which is down from 70%+ in mid summer, and near the midpoint of all years since 1988.

Unlike the soybean case the USDA September estimate outperforms the crop conditions models so we are sticking with the 179 bushel per harvested acre September estimate. The correlation for the final versus the September corn estimate over the 1988-2019 period is 95% with a standard error of six bushels/acre. 

The October crop estimate is scheduled for October 9, 2020.