UIUC Weekly Outlook: How Much Risk to the Corn Crop?
High temperatures in the Corn Belt during the reproductive stage puts much of the crop in danger
As indicated last week, the nature of the 2011 planting and growing season creates a large amount of uncertainty about the size of the 2011 corn crop. Small inventories and strong demand increase the importance of crop size, he said.
"As always, the USDA's August production forecast is highly anticipated because it will establish a benchmark for forming production expectations. That report may have added impact this year due to the possibility of adjustments to the harvested acreage forecast," he said.
It almost goes without saying that corn prices will continue to trade in a wide range, Good said.
"All of the uncertainty makes it difficult to judge the overall price direction, but it appears there is more production risk than is currently reflected by the corn market," he added.
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