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.