The global corn market will be exceptionally tight this year unless US corn yields are above trend. But production risk is already high due to unrelenting dry conditions caused by above-normal temperatures and below-normal precipitation in the Western Corn Belt, as reflected in Gro’s Drought Index.
Gro’s US Corn Yield Forecast Model takes on the utmost importance this season as farmers, traders, sourcing managers, and seed, fertilizer, and crop insurance companies all gather information to make strategic financial decisions.
Join Gro on Monday August 9th at 10am ET as we present Gro’s Yield Forecast Model output ahead of the USDA’s first surveyed yield estimates for the year.
This live presentation and Q&A is part of Gro’s 2021 Digital Yield Tour, a week-long assessment of on-the-ground conditions and long-term forecasts for major corn and soybean crops, in partnership with DTN.
Gro research analysts will also highlight expectations for the coming growing season in Brazil and the impact of a back-to-back La Niña on the country’s production potential.
Brazil, the second-largest exporter of corn, was hit with widespread dry conditions this past season along with multiple frost events. Cash corn prices in Brazil are close to the all-time high, as tight supplies have led to imports from neighboring countries. High prices have also forced China to US shores, at a time typically reserved for Brazilian exports, placing US new crop outstanding corn sales at the highest level ever recorded for this time of year.
The US is the world’s top exporter of corn, accounting for up to 73 million tonnes of corn shipped annually. Yet, domestic use of corn is also strong as 35% of US corn is produced to make ethanol and its byproducts, while another 35% is used for animal feed.
In an era of high demand across multiple sectors, having a solid grasp of supply potential is paramount to make timely and accurate business decisions. Gro’s full coverage of the entire crop cycle from start to finish can aid users with an accurate and extensive understanding of both on-the-ground and long-term global factors driving corn production and potential yields worldwide.
This insight was powered by the Gro platform, which enables better and faster decisions about factors affecting the entire global agricultural ecosystem. Gro organizes over 40,000 datasets from sources around the world into a unified ontology, which allows users to derive valuable insights such as this one. You can explore the data available on Gro with a free account, or please get in touch if you would like to learn more about a specific crop, region, or business issue.