The U.S. Department of Agriculture’s WASDE report released today has corn production forecasted at 14.280 billion bushels, up 96 million from last month. Corn supply remains unchanged despite yield again being raised by almost a bushel to 171.8. The yield increase was offset by an adjustment in acreage planted and lower stocks. Lower planted acres likely reflects more accurate accounting of spring weather difficulties. Corn price projections also remain unchanged from last month’s report, with the average projected range at $2.80 to $3.60 per bushel.
From a global perspective, corn stocks are down 1.5 million from last month, with foreign corn ending stocks for 2017/18 down, due to declines from China and Mexico.
Ethanol use rebounded from its projected drop last month, with numbers back at August levels of 5.5 billion bushels. Price remains unchanged, thus reflecting the need for new markets and new uses to be developed.
On the soybean side of the ledger, it looks similar but in reverse. With increased acreage the yield was lowered from last month’s bump back down to 49.5 bushels. Beginning stocks were lowered, reflecting a 44-million bushel reduction in total supply. Prices also remain unchanged.
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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.