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Corn Yield Estimate Likely To Drop Further
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Published Fri, 03 Aug 2012 19:52:54 -0400 on Seeking Alpha
In late June, I wrote about the potential of a bull market occurring in the corn market. On August 10, 2012, the USDA will release its most recent estimate of the yield and size of the U.S. Corn crop in its WASDE report. The last report, released on July 11, dropped the yield estimate from 166 to 146 bushels/acre( b/a). At that time, the percentage of the U.S. corn crop rated excellent or good was 40%. Because of high temperatures and lack of rain, crop conditions have continued to fall. The most recent release had crop conditions falling to 24% in the good to excellent category, and 48% in the poor or very poor category. The previous year, I wrote an article that provided an econometric estimate of the August crop yield, after finding a statistically significant relationship between the crop condition in the combined excellent and good categories with... Read more