(Posted Fri. Jun 9th, 2017)
U.S. corn production remains on track to produce an abundant, but not record-setting, crop according to U.S. Department of Agriculture reports released today. With projections to production, supply and demand unchanged from the May report, farmers now wait to see how the picture might change with the release of the Acreage report, which provides a survey-based estimate of the area planted and a forecast of harvest acres, on June 30.
“The farm economy continues to struggle, and that’s why it’s so important that we encourage and grow corn markets wherever possible,” said Wesley Spurlock, president of the National Corn Growers Association and a farmer from Stratford, Texas. “For many farmers, trade represents a critical revenue stream. Therefore, NCGA will continue efforts to protect agricultural interests during the North American Free Trade Agreement modernization process.
“At the same time, America’s family farmers also need policies that support a robust ethanol market to thrive. From protecting the Renewable Fuel Standard to supporting regulatory changes that would increase consumer access to higher ethanol blends, NCGA works hard on the behalf of America’s farmers to build a sustainable, thriving future for both their farms and their families.”
With all forecasts unchanged, the 2017/18 season-average corn price received by farmers remains projected to be between $3.00 to $3.80 per bushel. U.S. corn farmers are still expected to produce the third-largest corn crop on record, totaling 14.06 billion bushels.
For the full report, click here.