With good weather conditions continuing through July and into August, the U.S. Department of Agriculture (USDA) again predicted a record-breaking 2014/2015 U.S. corn crop in its World Agriculture Supply and Demand Estimates (WASDE) August report. Supply estimates also continue to outpace domestic demand, leading to an abundance of corn available for export next year.

The most recent WASDE report put current corn crop estimates at 356.43 million metric tons (14 billion bushels), surpassing last year’s crop total. This is due to an increase in the expected yield, 10.5 tons per hectare (167 bushels per acre) compared to 9.9 tons per hectare (157 bushels per acre) last year. These figures, coupled with no significant increase in expected domestic usage, point to a plentiful supply and low prices.

“Across the world, demand is starkly evident, and clearly the United States’ supply is abundant,” said U.S. Grain Council Chairman Ron Gray, a farmer from Illinois. “The Council is working tirelessly to mesh these dynamics, and if the USDA is correct, as we head into the 2014/2015 marketing year, it will be a buyer’s market.”

Quality also remains high in the upcoming U.S. corn crop, according to USDA. Currently, 73 percent of corn is in excellent to good condition, an improvement over the 64 percent in the same condition at this time last year. Until harvest, however, weather will remain a factor in the overall quality and total supply of the 2014/2015 U.S. corn crop.