US Corn Crop off to a poor start – 6/20/2023

USDA rated just 55% of the US corn crop in good to excellent condition on 6/18/2023 compared to the average mid June rating of 67% in the preceding 36 years. A model using the mid June crop rating to forecast the final US national average corn yield projects a yield of 170 bushels per harvested acre compared to the USDA’s June forecast of 181 bushels. The model has an R2 of 87% with a standard deviation of 9 bushels per harvested acre. The yield-crop rating will display a tighter fit as more crop data is accumulated through the growing season ending in early to mid August.