The U.S. corn crop is expected to be 4.9 percent larger than forecasted in July, USDA reported today in their first survey-based estimate for this year’s crop. Production will total 12.288 billion bushels, up from 11.715 billion bushel projected a month earlier and the second-largest on record. USDA reported that 87 million acres have been planted and estimates 79.3 million acres will be harvested. U.S. Grains Council President and CEO Ken Hobbie said he was not surprised by the adjustments made in the projections and is looking forward to communicating the good news to international customers who were previously concerned about supply.
“After being in this business for more than three decades, I am not surprised that U.S. farmers surpassed the projections made last month. U.S. farmers are undoubtedly, undisputedly the very best at what they do and are very familiar with this volatile business,” said Hobbie. “Although this is very good news for end-users across the globe, let’s not forget about farmers in the Midwest who are still recovering from the worst flooding in 15 years. Despite the devastation they endured, they rose to the task of generating a reliable supply of grains.”
The report also stated that global consumption of U.S. corn for all uses will rise in to 799.7 million tons, up from 794.6 million tons projected last month and up from a record 775.2 million tons used this year.
“The middleclass population is growing rapidly in many developing countries, like India for example, and as a result more meat, milk and eggs are being consumed because people are able to afford these products for the first time in a long time. Therefore, the livestock and poultry sectors are growing and are demanding more feed grains. The Council will work around the clock to make U.S. feed grains the first choice of our trading partners,” said Hobbie. “We have a safe and reliable supply of U.S. feed grains produced by America’s farmers and we will take that message overseas.”