Average US corn stocks (as of July 28, 2013)
After an initial below-average development, the weekly ratings for US corn stocks are now at the level of 10-year averages. This is confirmed by the results from the last date on July 28, 2013. Although there are very different results between the individual growing regions, as always, good locations make up for the less efficient ones.
If development continues at the current rate, average yields can be expected to be in the region of 90 to 100 dt/ha.
If this assumption is correct, then the USDA forecast from the beginning of July will have to be revised downwards. This means that a large harvest will still be harvested, but it will not be the super harvest that was envisaged.
But nothing is finalized yet. The pollination phase is going well, now it's all about the grain filling phase. Last but not least, the sword of Damocles of early frosts in September always hangs over the US Cornbelt.
Corn prices have recovered somewhat after the price slide of the past few days. However, it remains to be seen whether this will be the bottom of the trough, as harvest pressure (harvest low) will make itself felt again in September/October if the prospects for sufficient supplies are favorable.
