Aug 09, 2023

2023 U.S. Corn Unchanged at 174.0 Bu/Ac, 15.01 Billion Bushels

Author: Michael Cordonnier/Soybean & Corn Advisor, Inc.

The 2023 U.S. corn estimate was left unchanged this week at 174.0 bu/ac with a production of 15.01 billion bushels and I have a neutral to slightly higher bias going forward. The change this week is that I now have a neutral to higher bias.

For the last several weeks, the weather has been favorable for corn development and it looks like it will continue to be favorable for the first half of August. Recent rains have over performed, soil moisture is improving, and the temperatures are mild, which is a good combination for corn. If these conditions persist, the corn yield estimate could move higher by 1-3 bushels.

Rainfall last week and over the weekend favored much of the Corn Belt with the heaviest amounts in South Dakota, southern North Dakota, western Iowa, northern Missouri, central Illinois, and western Indiana. The rainfall came at a very opportune time for corn as it fills grain. More rain is expected this week in the central, southern, and western Midwest.

Seasonal to below seasonal temperatures have helped to conserve moisture in the areas that are still dry. Temperatures are expected to remain mild this week with a forecast of warmer temperatures next week. No extreme daytime or nighttime temperatures are in the forecast.

The condition of the 2023 U.S. corn crop improved 2% to 57% rated good/excellent. The 2023 corn is 93% silking compared to 89% last year and 91% average. The corn is 47% dough compared to 42% last year and 46% average. The corn is 8% dented compared to 6% last year and 8% average.

The much-anticipated August Crop Report will be issued on Friday, August 11, 2023. The USDA is currently estimating the U.S. corn yield at 177.5 bu/ac.