(Posted Mon. Feb 10th, 2014)
U.S. Department of Agriculture estimates released today lowered ending stocks estimates by 150 million bushels on increased export estimates for the record 2013 corn crop. This change resulted in an upward revision of the average farm price by 10 cents per bushel at both ends of the spectrum.
“It is clear that America’s farmers have the ability to produce an abundance to meet all needs,” said National Corn Growers Association President Martin Barbre, a farmer from Carmi, Ill. “Given this ability, it is imperative that we maximize markets for this essential national resource.”
Average yield estimates for the crop are 158.8 bushels per acre while harvest area estimates are 87.7 million acres. The resulting yield broke previous records with 13.9 billion bushels of U.S. corn produced in 2013.
Projected corn exports were raised 150 million bushels from the previous month to a new total of 1.6 billion bushels in 2013. At the same time, projected ending stocks declined by the same amount. The season-average farm price was raised slightly to $4.50 per bushel, still sharply down from the record $6.70 to $7.10 the prior year.
For the full World Agricultural Supply and Demand Estimate, click here.