(Posted Fri. Feb 8th, 2013)

Keywords: Production Corn Supply

Feb 8: More U.S. corn will be available than previously forecast, according to U.S. Department of Agriculture reports released earlier today. Revising corn ending stock projections upward by 30 million bushels, the report also indicates that a 20 million bushel rise in corn use projections for sweeteners and starch.“As the picture of the current corn supply continues to become more clear, we are seeing the markets are adjusting,” said National Corn Growers Association President Pam Johnson. “U.S. farmers faced a tough drought but, due to biotechnology and enhanced production practices, we brought in a crop unimaginable under similar circumstances only decades ago.”Projected demand for corn from the ethanol sector held steady, while export projections were lowered by 50 million bushels. These factors, along with reports of forward sales made at prices below prevailing cash market bids, caused the projected range for the season-average farm price for corn to lower 20 cents at the...