Unprecedented planting delays seriously impacted corn crop forecasts issued today by the U.S. Department of Agriculture in the World Agricultural Supply and Demand Estimates. With the forecast number of acres both planted and harvested both revised down by three million acres and national average yield revised downward by 10 bushels-per-acre from last month, current forecasts show U.S. farmers producing the smallest corn crop since 2015/16 at 13.7 billion bushels.
In light of lowered production, and despite decreased demand, the season-average farm price raised by 50 cents over May estimates to $3.80 per bushel. While production forecasts were lowered, ending stocks are still forecast to exceed 1.6 billion bushels given the more than 2 billion bushels of beginning stocks forecast.
Export market demand forecasts were lowered by 100 million bushels. While price competitiveness and current outstanding sales caused export forecasts to lower, the ratification of trade deals such as the U.S.-Mexico-Canada Agreement would be a solid step toward stabilizing export markets for corn farmers.
Notably, the Acreage report to be released on June 28 will provide survey-based indications of planted and harvested area.
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.