Despite decreased use estimates and a rise in projected ending stocks, U.S. corn projected prices remained steady in reports issued today by the U.S. Department of Agriculture. Use estimates declined overall due to lowered use projections in the food, seed and industrial, and feed and residual categories. With overall supply projections unchanged and the lowered use projections, ending stock projections were raised by 55 million bushels.
"With demand forecasts lowered, it is abundantly clear that America’s farmers need public policies that will help build markets for the abundant, sustainable crop that they produce year after year," said National Corn Growers Association President Kevin Skunes, a farmer from North Dakota. "While it is critical we ensure corn is fully utilized so that America’s farm families can return to a more favorable economic condition, many of these key policies are currently under fire.
“We must support export markets through important trade agreements, such as NAFTA, to grow demand abroad. At the same time, we must remain firm on successful policies that promote the use of clean-burning sustainable ethanol, such as the Renewable Fuel Standard, to grow demand at home.
“The National Corn Growers Association continues working tirelessly to support these, and other key policies, to 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.”
Food, seed and industrial forecasts were lowered by five million bushels below last month’s report. At the same time, feed and residual use forecasts were lowered by 50 million bushels below last month’s report.
The prices expected for the crop remained the same in the midpoint of the range, but the overall range was narrowed to $3.20 to $3.50 per bushel.
For the full report, click here.
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.