Key policies to grow markets under fire
Despite decreased use estimates and a rise in projected ending stocks, U.S. corn projected prices remained steady in reports issued today by the U.S. Department of Agriculture. Use estimates declined overall due to lowered use projections in the food, seed and industrial, and feed and residual categories. With overall supply projections unchanged and the lowered use projections, ending stock projections were raised by 55 million bushels.
"With demand forecasts lowered, it is abundantly clear that America's farmers need public policies that will help build markets for the abundant, sustainable crop that they produce year after year," said National Corn Growers Association President Kevin Skunes, a farmer from North Dakota. "While it is critical we ensure corn is fully utilized so that America's farm families can return to a more favorable economic condition, many of these key policies are currently under fire.
"We must support export markets through important trade agreements, such as NAFTA, to grow demand abroad. At the same time, we must remain firm on successful policies that promote the use of clean-burning sustainable ethanol, such as the Renewable Fuel Standard, to grow demand at home.
"The National Corn Growers Association continues working tirelessly to support these, and other key policies, to grow markets important to corn farmers. Together, we must work to amplify our voice in conversations both on the Hill and across the country to help move our industry forward."
Food, seed and industrial forecasts were lowered by five million bushels below last month's report. At the same time, feed and residual use forecasts were lowered by 50 million bushels below last month's report.
The prices expected for the crop remained the same in the midpoint of the range, but the overall range was narrowed to $3.20 to $3.50 per bushel.