Brett Meyer harvest silage corn on his farm outside of Filer, Idaho, Steve Ritter photo
National Corn Harvest Underway
Washington--The USDA estimates the U.S. corn harvest is now 10% complete thats up 6% last week, 13% last year yet 25% of average. The slow corn harvest has kept traditional harvest pressure off the market. Thats good for early market prices because elevators and ethanol plants are reportedly bidding up for cash supplies as they had counted on newly harvested corn supplies that are being delayed due to the weather. Eventually, harvest pressure will begin to hit the market and pressure prices downward.
On Friday, the USDA released the monthly supply/demand report for the month. The USDA estimated corn production at 13.018 billion bushels, up slightly from last month and 8 percent higher than 2008.Based on conditions as of October 1, yields are expected to average 164.2 bushels per acre, up 2.3 bushels from September and 10.3 bushels above last year. If realized, this yield will be the highest on record and total production will be second only to the record set in 2007.