By Lyndi Allen
IL Corn is Urging Lawmakers to Create Demand that Matches Today’s Record supply Levels
The time for change is now, action is needed from Congress and the administration after the U.S. Department of Agriculture’s (USDA) latest World Agriculture and Supply and Demand Estimates (WASDE) report projected a record 16.7-billion-bushel corn crop this year. This report puts corn farmers further at risk as corn prices are at a record low.
According to farmdoc daily, the reported corn planted acres increased from an earlier estimate of 95.2 million to 97.3 million acres.
The increased report of corn acreage and demand for markets have shifted the estimates in U.S. ending corn stocks. The stocks-to-use relationships to price forecast yields a projected corn season-average price of $3.76 per bushel, according to farmdoc daily—$0.14 per bushel lower than WASDE’s current forecast.
Click here to see more...