Summer drought wilts U.S. corn cropsSummer drought wilts U.S. corn crops

John T.

A hot, dry June was a nightmare for crop conditions. The final verdict on this year’s U.S. corn crop is down to the wire, and prospects are not good. The crop entered its critical pollination stage in July. With soil moisture conditions already at drought levels in most growing areas, continued lack of rain in July will reduce corn yield sharply. 


The U.S. Department of Agriculture’s quarterly grain stocks report came in as expected. Planted corn remains at a record high of 96.4 million acres, 5 percent above last season. But corn stocks June 1 were 3.15 billion bushels, down 14 percent from a year ago and the lowest since 1998. The dip in corn futures prices to $5.51 per bushel June 1 reflected expectations for a bumper crop this...