Weekly Commentary - September 20, 2017
Gro’s US corn yield model has risen yet again, for the eighth consecutive week, to 173.0 bushels/acre (or 10.86 tonnes/hectare) from 172.0 (or 10.80). The main drivers again are satellite greenness indicators and crop condition scores. Other states are making up for increasing dryness in Iowa, as shown in the map of evapotranspiration (below). Somewhat uncomfortably, Gro has become an outlier on the bearish side at this point. It should be acknowledged, however, that our non-consensus bearish view before the September WASDE was correct.