Increased export projections and decreased stock estimates caused the U.S. Department of Agriculture to raise projected prices according to reports released today. Export forecasts for U.S. corn were raised due to lowered corn production projections for Argentina and Ukraine based on weather and official government reports respectively.
"Despite increases to price forecasts, America’s farmers have clearly supplied an abundance of affordable, sustainable corn," said National Corn Growers Association President Kevin Skunes, a farmer from North Dakota. "The resource farmers provide is already essential and holds further potential. Public policies and farmer-led programs are critical to ensure corn is fully utilized and that America’s farm families can return to a more favorable economic condition.
“From supporting export markets through important trade agreements, such as NAFTA, to growing demand for ethanol at home and abroad, the National Corn Growers Association continues working tirelessly to support policies and grow markets important to corn farmers. Together, we must work to amplify our voice in conversations both on the Hill and across the country to help move our industry forward.”
Export forecasts were raised by 125 million bushels over last month’s report, with the total projected corn supplies now forecast a corresponding 125 million bushels lower to 2.35 billion bushels in 2017/2018.
The prices expected for the crop were raised by five cents per bushel to a range of between $3.05 and $3.55 per bushel on prices observed to date.
For the full report, click here.
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