Harvest Corn Price Range Forecast – 08/12/2021

USDA has forecast the 2021/2022 crop year US corn carryover at 1.2 billion bushels based on the August yield survey which is 8% of forecast crop year usage. The August S/D forecast is close to the minimum pipeline level based on previous year’s data. Recent experience would suggest a fall high-low price range of $5.00 to $7.00 basis No. 2 yellow cash corn in central Illinois assuming the USDA’s August supply/usage  projections. 

The red point plotted for 2021 is based on data contained in the August WAOB report and December futures at time of publication.