Despite reductions to the corn production forecast Wednesday – overall corn supply estimates increased by 108-million bushels. National Corn Growers Association President Garry Niemeyer says the latest estimates illustrate how U.S. corn farmers provide the corn the nation needs – even under adverse conditions. Further – the Illinois grower says the increased overall supply shows you cannot count the corn before it is harvested. With harvest less than a quarter complete – Niemeyer says it’s important to wait patiently for a clearer picture of the crop to emerge.
Corn use in the 2012-13 crop marketing year are now forecast higher than previously expected due to increased expectations for feed and residual uses. The 75-million bushel increase from August estimates more than offset lower projected exports. Export projections fell by 10-million bushels for the current 2011-12 year – while projections for the 2012-13 crop fell 50-million bushels.
Ending stock projections for the 2012-13 crop are up 83-million bushels to 733-million. The projected season-average price dropped by 30 cents and now ranges from $7.20 to $8.60 per bushel.