Crop Forecast Projects Rise in Corn Prices

Taylor TruckeyAgribusiness, Corn, NCGA, USDA

NCGA-Logo-3The latest WASDE report was released on Friday from the USDA. Although national average corn yield projections were raised by half a bushel/acre, the overall acres in non-production have effected supply outlooks. With steady demand projections, an overall increase in prices for the 2015/16 corn crop seems likely.

Usage, which held steady, remains on track to set a record in 2015/2016, surpassing use for 2014/2015. With both ending stocks and carryout projections lowered by 30 million or more bushels, the 2015/16 season-average corn price received by farmers is projected five cents higher on both ends to $3.50 to $4.10 per bushel.

“With corn harvest more than a quarter complete across the country, we are beginning to get a clear vision of what the final crop might look like but, as much of the northern Corn Belt has yet to harvest, things could still change,” said National Corn Growers Association President Chip Bowling, a farmer from Newburg, Md. “While the estimate of the crop size will be ample enough to meet all needs, the price paid farmers is moving in a more equitable direction. While farmers work late nights harvesting their fields, they can remain confident that NCGA is working hard to grow demand for their growing crop.”

Read the latest report here.