The US corn harvest could be the second-largest on record as rains during July shepherded the crop through its critical development phase, offsetting dry conditions early in the season and hot summer temperatures, Reuters reported, citing analysts and farmers.
A strong harvest would add to domestic stockpiles that are expected to balloon as demand for US corn exports wilts due to a massive harvest in Brazil, which is expected to overtake the United States as the world’s top corn supplier.
Corn prices fell 18% from their late-June peak during July, with improving conditions in the field weighing heavily on the market as the drought damage from the early season was not as bad as feared.
Drought-tolerant genes and other improvements in genetically modified corn allowed the crop to weather severe drought across much of the Midwest, farmers said. Genetically modified corn accounts for more than 90% of the US crop. Read more