Tuesday, July 21, 2009

USDA Projects Record Corn Crop

USDA corn cropThe recent USDA Supply Demand report shows good news for the US corn industry.

According to the report, the corn crop is expected to be the second largest on record:
U.S. feed grain supplies for 2009/10 are projected higher this month with higher expected beginning stocks and production for corn. Corn production for 2009/10 is projected at 12.3 billion bushels, up 355 million from last month as higher estimated area from the June 30 Acreage report boosts production prospects. Corn supplies are projected at 14.1 million bushels, up 335 million bushels from 2008/09. Feed and residual use for 2009/10 is raised 50 million bushels as increased supplies and lower prices are expected to boost feeding demand. Food, seed, and industrial use is lowered 35 million bushels reflecting lower expected use for sweeteners and starch. Exports are raised 50 million bushels as lower prices increase the competitiveness of U.S. supplies in the world market. Ending stocks are projected at 1.6 million bushels, up 460 million from last month, but down 220 million from 2008/09. The 2009/10 marketing-year average farm price for corn is projected at $3.35 to $4.15 per bushel, down 55 cents on both ends of the range.
We find it amazing that us farmers succeed despite the many challenges that arise. Higher land, fertilizer, credit prices, a slowing economy and challenging weather conditions hampered the start of the corn crop. But corn growers persevered.

Many critics of American corn production threw in the towel at the first drop of rain that US farmers were going to starve the world for the sake of ethanol.

The facts speak otherwise.

Source: USDA
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