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.
NCGA is taking a series of actions to do our part to help contain the spread of the coronavirus (COVID-19) and the economic fallout it is creating for corn farmers and our customers. Short term, this means instituting policies to protect the health and safety of our stakeholders and the broader communities we serve. Long term, we’re focused on creating solutions to help corn farmers and our customers recover from the financial impacts of this crisis.
CommonGround is a group of farmers connecting with consumers through conversations about science and research and personal stories about food and misinformation surrounding farming. Supported by the NCGA and state corn organizations.
The Soil Health Partnership (SHP) is a farmer-led initiative that fosters transformation in agriculture through improved soil health. Administered by NCGA the partnership has more than 220 working farms enrolled in 16 states. SHP’s mission is to utilize science and data to partner with farmers who are adopting conservation agricultural practices that improve the economic and environmental sustainability of the farm.