USDA Predicts Record Corn Crop

U.S. farmers are expected to produce more corn than last year, according to the latest USDA report out today.

The August Crop Production report finds that good growing conditions are expected to help growers bring in a record-high crop at 14.0 billion bushels of corn, up 1 percent from 2013 which was also a record at the time. Yields are expected to average 167.4 bushels per acre, which would be the highest yield ever for the United States. Objective yield data indicate the greatest number of ears on record for the ten largest corn producing states.

NCGA-LogoDue to the increased production, the average farm price was lowered a dime from its July estimate, to a range of $3.55 to $4.25 per bushel, which National Corn Growers Association President Martin Barbre says makes it important to keep demand moving forward. “Now is not the time for our federal policymakers to be cutting into the ethanol standard, imposing undue regulations or going slow on trade agreements,” said NCGA President Martin Barbre. “Our farmers are doing their part, working hard and smart on their farms to bring in a good crop. It’s time Washington removed obstacles and cleared a path so we can sell America’s biggest and most versatile crop at a good and fair price.”

growth-energy-logoThe new World Agricultural Supply and Demand Estimate projects ending corn stocks to be 1.808 billion bushels, up 7 million bushels from July and the highest level of carryover stocks since 2005. “It is clear from this report that the food versus fuel debate over the U.S. renewable fuel policy can be put to bed,” said Growth Energy CEO Tom Buis. “It is time to stop attacking a homegrown American industry that is creating jobs, improving our environment and mitigating climate change, all while decreasing out dependence on foreign oil and fossil fuels. It is time that the facts, not rhetoric drive the debate and today’s WASDE report should finally end these ridiculous claims. This report makes clear that the American farmer can fuel America and feed the world.”

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