Weekly Report Suggests Slightly larger Corn Yield – 08/23/21

The USDA rated 60% of the US corn crop in good or excellent condition on 8/22/21 compared to the previous 30-year rating of 60% for the same week. The 60% rating suggests a national average yield of 176 bushels per harvested acre compared to the USDA’s August forecast of 175 bushels per acre. The USDA forecast is well within the standard error of the weekly model.

Barring an unusual harvest season there won’t be much more useful data in  the weekly corn report as the crop is already 40% + mature. But  there can be significant changes in this fall’s monthly report due to changes in corn area harvested and adjustments in monthly forecasts within the standard deviation of the weekly forecast.