Wednesday, May 18, 2011

Just in from Washington

Corn Supply Tight Despite Projected Record Crop

Washington--The Agriculture Department projects a record U.S. corn crop this year, but despite the expected increase in production, American Farm Bureau Federation economists emphasize that stocks are still tight and corn farmers will need strong yields to meet demand and build stocks to more comfortable levels.

USDA released its May World Agricultural Supply and Demand Estimates on Wednesday, which pegs U.S. corn production at 13.5 billion bushels in 2011. If realized, this would be the largest U.S. crop ever, outdoing the record 13.1 billion bushel corn crop in 2009.

“It’s important to remember that this is a preliminary estimate from USDA. A lot can change from now until harvest,” explained Todd Davis, AFBF crops economist. “We still don’t know the impact late planting in Corn Belt states east of the Mississippi will have on this year’s corn crop. We’re going to need a warm summer with timely rains to realize this 13.5 billion bushel corn crop.”

AFBF news release

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