(Posted Fri. Sep 28th, 2012)
Sept. 28: The U.S. Department of Agriculture reported this morning that, as of Sept. 1, there were 988 million bushels of corn held over from 2011. This reflects a decrease of 193 million bushels from the USDA’s Sept. 12 supply-and-demand report, and represents a 12 percent drop from the same time last year, the National Corn Growers Association noted.
“While we were not expecting a decrease such as this, it still reflects something we always want to remind the public about – the marketplace works to make sure all needs are covered,” said NCGA President Garry Niemeyer. “In such a challenging year with a broad and persistent drought, our resilient growers have worked hard to bring a crop that will still be one of the largest on record.”
In its stocks report, which excludes new corn harvested before Sept. 1, the USDA also noted that corn use (or “disappearance”) for the last quarter of the marketing year (June-August 2012) was 15 percent lower than the same period last year, reflecting the drought’s impact on corn prices. The next official estimate of corn supply and demand will be published Oct. 11.