(Posted Wed. Dec 10th, 2014)
The U.S. Department of Agriculture left corn production and demand estimates largely unchanged this month, only increasing demand for sweetener use by 10 million bushels. This slight increase brought the ending stocks estimate to just below 2 billion bushels in 2014.
“Corn farmers from across much of the country have shared accounts of bin-busting crops this year,” said NCGA President Chip Bowling, a Maryland corn farmer. “As they work to find storage for this record crop and deal with transportation issues in some areas, it is heartening to see demand rise. While this slight increase has not increased the prices farmers see yet, it is a step in the right direction. Working together through NCGA and our state associations, we can find innovative ways to grow markets and use this abundance to help our world meet a variety of challenges.”
USDA estimates record-setting total production at 14.4 billion bushels and a record national average yield of 173.4 bushels per acre. These estimates also set the total supply at approximately 15.7 billion bushels, with estimated use at 13.7. Average farm price estimates were unchanged at $3.20-$3.80 per bushel.