Farms.com Home   News

Improving Demand Helping Boost Corn Prices In The Face Of A Record Crop

U.S. corn farmers may set a new record national average yield should today's forecast in the World Agricultural Supply and Demand Estimates Report released by the U.S. Department of Agriculture be realized. With a forecast yield of 175.3 bushels per acre and forecast record production, average corn prices rose five cents given raised demand forecasts.

"The farm economy continues to struggle making it imperative that we work to encourage and grow corn markets wherever possible," said Wesley Spurlock, president of the National Corn Growers Association and a farmer from Stratford, Texas. "For much of agriculture, trade presents an important, even critical, opportunity. This is why NCGA will continue efforts to encourage our elected officials to open export markets and improve access through support of the Trans Pacific Partnership.

"From growing export markets to increasing domestic demand through policies supporting the ethanol industry, NCGA works hard on the behalf of America's farmers to build a sustainable, thriving future for both their farms and their families."

Estimated use by the ethanol industry was raised by 25 million bushels from last month, with non-ethanol food, seed and industrial use raised by an additional 60 million bushels over that period. Export use held steady at 2.225 billion bushels. If realized, this would be the first time U.S. corn exports have exceeded two billion bushels since the 2007/2008 crop year, and it would mark the fifth-highest level of corn exports since 1980.

Production estimates were raised 168 million bushels from last month to 15.226 billion. Corn supplies for 2016/17 are raised from last month to a record 17.013 billion bushels. The average price was raised by five cents to a median of $3.30 per bushel.

Click here to see more...

Trending Video

2024 Ag PhD Field Day

Video: 2024 Ag PhD Field Day

Farm Basics from Ag PhD Episode #1352 | Air Date 3/3/24 - Brian and Darren Hefty invite you to attend the 2024 Ag PhD Field Day on the Hefty farm near Baltic, SD.