July rains came at a critical time for this year's corn development, creating what producers are saying could be the second largest U.S. corn harvest on record.
The rains offset dry conditions early in the season andhot summer temperatures, analysts and farmers toldReuters.
A strong harvest would add to domestic stockpiles that are expected to balloon as demand for U.S. corn exports shrivel due to amassive harvest in Brazil,which is expected to overtake the U.S. as theworld's top corn supplier.
Drought-tolerant genes and other improvements in genetically modified corn allowed the crop to weather severe drought across much of the Midwest, farmers said.Genetically modified cornaccounts for more than 90% of the U.S. crop.
In a monthly report due on Friday, analysts expect the U.S. government to cut its forecast for domestic corn production to 15.135 billion bushels this year from itsJuly estimatefor a record high 15.320 billion.
