(Posted Mon. Sep 12th, 2016)
Corn production is forecast at 15.093 billion bushels, down 61 million from last month, according to the World Agriculture Supply and Demand Estimates Report released today by the U.S. Department of Agriculture. Corn supplies for 2016/17 are lowered from last month, but are still forecast at a record 16.859 billion bushels.
USDA also reduced the average U.S. corn yield by 0.7 bushels per acre to 174.4. If realized, these figures would still represent record yield and production numbers. The average price was increased by 5 cents to $3.20 per bushel.
Chip Bowling, President of National Corn Growers Association, said the report is further evidence of the challenges family farmers are facing.
“The farm economy is in peril. If this trend continues, it means fewer family farms, fewer jobs, and fewer dollars being invested back into rural communities,” said Bowling, who farms corn, soybeans, and sorghum in Newburg, Maryland. “Farmers, industry, and government all have a responsibility to step up and work together to solve this challenge. We need to invest in our industry and open markets around the world and right here at home.”
“In Washington, the single biggest thing Congress can do to help rural America right now is pass the Trans-Pacific Partnership in 2016. Every day that goes by without an agreement hurts America’s farmers and ranchers,” said Bowling.
“Ethanol is also an important piece of the puzzle. The EPA must uphold the Renewable Fuel Standard and bring the 2017 ethanol volume back up to statute. At the same time, farmers, the ethanol industry, and government must continue working together to grow our nation’s fuel infrastructure, giving consumers across America greater access to renewable fuel choices.”
Feed and residual usage was reduced by 25 million bushels; ethanol, other FSI and export projects were unchanged. Carry-in was increased by 10 million bushels.
Click here for the full report.