The corn condition in the US that is currently rated good or excellent is 60% of the crop. That is slightly below the year-ago rating of 62%, however, ratings for corn dented and corn mature are slightly ahead of last year, at 60% and 11% respectively. Recent rains across several of the dryer portions of the corn belt were described as enough to finish the crop, and corn could be finished about a week ahead of normal. That could eventually lead to strong loadings in the fall.
Corn exports bottomed in 2019 in September at 1.17mn Mt, and last year in October at 2.7mn Mt. Loadings were 1.81mn Mt last month, which was down from 3.37mn Mt a year earlier. Given the damage from Gulf Coast export terminals, loadings could be on the light side in September, but potentially rebound nicely in October and November.