Impact of Midwestern Drought on Corn Supplies
USDA Chief Economist, Joe Glauber explains the impact of dry weather conditions on U.S. corn stocks.
“The drought reduced production by 4 billion bushels. No question that has rationed demand and we have seen really tight stock situations. Hopefully we will see the same level of plantings next year and a return to tend yields.”
Tight corn supplies should mean continued high prices into the 2013 crop year, but those same high prices will continue to be difficult on the livestock sector.
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