The Corn Feed
Mar 17, 2023
Phosphate Farm Prices Remain Elevated, It’s Time for Action on Import TariffsKey Issues: Production
Author: Krista Swanson
The following is a brief analysis by Krista Swanson, the lead economist for the National Corn Growers Association. Phosphorus, an essential nutrient for plant growth and development, is important for corn productivity. Farmers use fertilizers to replenish phosphorus and other nutrients in the soil to maintain healthy and fertile land, but vital fertilizer management comes at a high cost. This is especially true for corn producers, particularly right now. Since 1996, average annual fertilizer costs were about one-third of total operating costs incurred in growing a corn crop. For 2023, the United States Department of Agriculture (USDA) projects fertilizer to make up 46% of the total operating costs incurred by the U.S. farmer in growing a corn crop, unchanged from 2022, but up from 37% for the 2021 crop and 35% for the 2020 crop. Aside from 2008, the current fertilizer-to-operating-cost ratio is at the highest point since the 1970s. Compared to other major commodity...
Read MoreFeb 24, 2023
Four Corn Industry Highlights for 2023 from the USDA Ag Outlook ForumKey Issues: Production
Author: Krista Swanson
The following is a brief analysis by Krista Swanson, the lead economist for the National Corn Growers Association. The United States Department of Agriculture’s (USDA) annual Agricultural Outlook Forum began yesterday with a 2023 Agricultural Economic & Foreign Trade Outlook by Chief Economist Seth Meyer. The USDA coincidingly released the 2023 Grains and Oilseeds Outlook. This provides a near-term update to the USDA Long-Term Projections Report. The report was released earlier this month but used a baseline set in October 2022. Highlights from the USDA Ag Outlook Forum for corn center on new forecasts for acreage, yield and production, price and use. Acreage Projections for 2023: USDA provided an update to planted acres for major commodity crops. Although the economic-based approach for these estimates differs from the farmer-based survey responses used for the upcoming March 31st Planting Intentions Report, it provides insight into what we may expect. Corn is projected...
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