(Posted Mon. Nov 10th, 2014)
With harvest underway at a slower pace amid a set of weather challenges, The U.S. Department of Agriculture slightly lowered expected corn production this year, to 14.4 billion bushels. While this is slightly lower than last month’s report, it still represents a 3 percent increase over 2013. Yield was reduced to 173.4 bushels per acre.
Both yield and production remain at record levels, the National Corn Growers Association said.
“We’ve had many reports of bin-busting harvests throughout the heartland,” said NCGA President Chip Bowling, a Maryland corn farmer. “As farmers are working to find storage for record crops and dealing in some areas with transportation issues, we’re delighted to see a slight increase in demand and reduction in forecast ending stocks. Along with this, we’re seeing prices bump up slightly.”
USDA estimates total supply at 15.7 billion bushels, with estimated use at 13.7, leaving ending stocks of 2.0 billion bushels. Average farm price, reported as a range, was increased a dime to $3.20-$3.80 per bushel.