How the USDA Accounts for Unharvested Corn?
According to the last Harvest Progress Report from the USDA there is still a little over 1.4 billion bushels of corn in the fields. Remember the last USDA Report projected the carryover at the end of this marketing year at around 1.9 billion bushels. I was not sure how the USDA would account for all that corn still standing in the field?
I read this weekend that the USDA will put all the unharvested corn in the category "On Farm Storage." Yes, according to the USDA you can store corn in the field. To a certain extent you can say corn is stored in the field. With the corn so high in moisture some farmers did make the decision to just leave the corn in the field and hope for the best.
My definition of corn in on farm storage is that it is ready to be loaded out of a bin and delivered to an elevator feed mill or ethanol plant. Corn stored in the field unharvested cannot be delivered to the elevator. No one knows when the remaining corn can be harvested, or what the yield or quality will be.
So, do not expect a bullish stocks report as of December 31, 2019 because there is still a lot of unharvested corn in the field.