NASHVILLE, Tenn. (RFD News) — Corn harvest is underway across much of the Corn Belt, but results are varying by location and yields remain largely unknown.
Matt Bennett with AgMarket.Net says tighter global supplies could create an opportunity for U.S. corn growers, particularly if China enters the market.
“If China does step in and buy corn, it’s going to make this super interesting. Whether you’re talking U.S. or world, we’ve drawn down stocks over the last couple years, and we continue to put ourselves in a position where we just can’t afford a major weather hiccup from anyone in the world. That’s part of the reason the corn market has come to life, especially since, for instance, the Pro Farmer Crop Tour, the trade realized, we’re probably looking at a sub-10% stocks-to-use ratio. If that’s the case, this is a fairly bullish situation.”
USDA will provide another look at harvest progress Monday afternoon, followed by the WASDE report on Oct. 9.
