Analysts say the U.S. corn harvest could be the second-largest on record this year.
A strong harvest would add to domestic stockpiles that are expected to balloon as demand for U.S. corn exports wilts due to a massive harvest in Brazil, which is expected to overtake the United States as the world’s top corn supplier.
Corn prices fell 18% from their late-June peak during July, with improving conditions in the field weighing heavily on the market.
Drought-tolerant genes and other improvements in genetically modified corn allowed the crop to weather severe drought across much of the Midwest.
Genetically modified corn accounts for more than 90% of the U.S. crop.