US Corn Crop on Track for Another Large Harvest

The U.S. corn crop is on track for another large harvest, with current projections indicating substantial supplies heading into harvest. According to Iowa State University agricultural economist Chad Hart, much of the crop cleared the key pollination period in relatively good condition.

Hart notes that a good part of the crop got through pollination in a fairly decent spot, and while the current projection is 183 bushels per acre, his models are still pointing to around 180-181 bushels. This would result in a corn crop of about 16 billion bushels, which is significantly lower than last year's harvest but still represents a large supply.

Hart also points out that demand for corn is strong, driven by feed demand, ethanol production, and export markets, which have been at record levels for the past 16 months. He expects prices to come down some as the harvest ramps up, but notes that this could change later in the year if the demand picture becomes clearer.