Lots of hi-moisture harvested around here in the 25-30% range, and I believe earlage is harvested a couple of points higher - 30-33%.  There are some guys putting combine heads on forage harvesters and taking snaplage.  I believe they want that closer to 40% (or above?). 

20.5% just sounds pretty dry for earlage.

There is a guy here who is planning to shell his corn around 22%, put it in a silo.  He bought a hammermill to grind it as it comes out of the silo. At least, that is how I understand he is set up.

Your corn sounds about right for something like that.

If you have not posted on StockTalk, that forum might be a good place for this question.