(Posted Thu. Oct 13th, 2016)
Corn production is forecast at 15.057 billion bushels, down 36 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 16.845 billion bushels.
“We must pass the Trans-Pacific Partnership this year. The farm economy continues to struggle so anything we can do to encourage and grow exports is critical,” said Wesley Spurlock, President of National Corn Growers Association. “That’s why NCGA continues to encourage our elected officials to build trade access starting with TPP.”
USDA reduced the average U.S. corn yield by 1 bushel per acre to 173.4. If realized, these figures would still represent record yield and production numbers. The average price was increased by 5 cents to $3.25 per bushel.
“Although the production report remained largely unchanged, the export numbers offer some good news in a growing season so far characterized by a large crop and corn prices below the cost of production,” Spurlock said. “U.S. corn exports are doing well, largely due to South American weather problems that are hurting crops in Brazil and Argentina. Asian countries like Japan and Korea are shifting to the U.S. to meet their needs so that’s good news for the nation’s family corn farmers.”
Feed and residual usage, ethanol and other FSI, were unchanged. Carry-in was increased by 22 million bushels.
Click here for the full report.