(Posted Mon. Mar 10th, 2014)
U.S. Department of Agriculture estimates released today lowered ending stocks estimates on increased export estimates for the record 2013 corn crop for the second consecutive month. Despite the overall demand increase demonstrated by this revision, the season average farm price remained stable.
“America’s farmers have produced an abundance that is meeting meet all needs,” said National Corn Growers Association President Martin Barbre, a farmer from Carmi, Ill. “Given the record-setting crop, it is imperative that we maximize all markets for this essential national resource.”
Projected corn exports were raised 25 million bushels from the previous month to a new total of 1.625 billion bushels in 2013. This followed an upward export totals revision of 150 million bushels in the February report. At the same time, projected ending stocks declined by the same amount. The season-average farm price held at $4.50 per bushel, still sharply down from the record $6.70 to $7.10 the prior year.
For the full World Agricultural Supply and Demand Estimate, click here.