Videos and Webinar Recordings
Content provided for the Corn Economy by NCGA's Lead Economist, Krista Swanson.
Jul 10, 2024
NCGA Economic Contribution Study for 2023Author: Krista Swanson
Corn farming is one of the largest sectors in American agriculture. In 2023, corn farmers in the United States grew 15.3 billion bushels of corn for grain valued at $73.9 billion. For the 2023/24 marketing year the United States is the world’s largest producer and exporter of corn. The nation’s corn farmers bolster the economy and help build strong communities as evidenced by the results of the Study of the Economic Value of Corn Farming in the United States for 2023. The contribution of corn farming and linkages extended across 524 different industry sectors in all 50 states. Corn farming for grain generated an estimated $151 billion in total economic output in 2023, with an estimated contribution of $62 billion to Gross Domestic Product (GDP), making the industry an essential contributor to the nation’s agricultural and economic value chain. Driving the creation of over 600,000 jobs and providing $35 billion in wages, corn farming strengthens communities in rural America and...
Read MoreJul 8, 2024
Challenges in Farm CountryAuthor: Krista Swanson
Challenges in Farm Country Large on-farm stocks, coupled with the latest corn acres projection, add downward pressure on already below break-even prices. The United States Department of Agriculture (USDA) released two major reports and another key dataset in the second half of June. Together these pieces of information add clarity to the challenges corn farmers are facing right now. The June Stocks Report The UDSA June Stocks Report provides an estimate of the total corn held in commercial storage facilities and by producers on their farms as of June 1. For 2024, USDA estimates total U.S. corn stocks at 4.993 billion bushels, 21.7% higher than a year ago. Aside from the years 2017 to 2020, when the country experienced trade wars and COVID ravaged the world, this is the highest total stocks level since 1988. Even more notable was the increase in corn on farms. The report shows farmers have 3.026 billion bushels of corn in possession as of June 1, 2024. This is 36.5% more...
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