Corn Crop Update
As of last Sunday according to the NASS weekly crop report, 25 percent of Colorado corn crop had been harvested, that is well below the five year average of 41 percent in terms of acres which has been largely due to moisture in corn-producing areas.The Colorado Corn crop that is not yet harvested continues maturing and 95 percent of Colorado's acres have reached fully maturity which is slightly above the five-year average of 94 percent. The state's overall corn crop condition remains strong with 71 percent of corn acres listed in good or excellent. That compares to the national corn crop condition of 68 percent rated good or excellent.
Jerry Norton, USDA grains analyst, saying that across the country corn growers are holding on to their harvest, at least for the time being.
Norton: "Farmers are holding on to corn. They are not selling corn because they are looking at some higher prices. The market right now if you look at the board prices across the next few of months, they are paying farmers to put corn in storage and hold it there. And that is certainly paying much more than they are for soybeans so you are going to see a lot more soybeans moving into the market and corn going into to farmers' bins and other storage."
Corn export numbers are have declined with weak demand. Norton continues
Norton: "We're fighting some very large crops and supplies in South America, particularly in Brazil. Brazil has record corn supplies. Having improved their infrastructure, they are moving a lot of corn into the market. We're competing against them and we're competing with a strong dollar against a weak currency in Brazil."