U.S. corn exports are at an all-time high, USDA reported in its latest World Agricultural Supply and Demand Estimate. The corn export forecast for 2007/2008 has been raised by 100 million bushels, to a projected 2.45 billion bushels. This surpasses the previous record for U.S. corn exports of 2.4 billion set in 1979/1980.
“Our nation’s corn growers are working hard this year on record production and export numbers to help feed and fuel the world,” says Ron Litterer, National Corn Growers Association president and a grower from Greene, Iowa. “We salute their hard work and their commitment to meeting demand.”
USDA did not revise its November estimates for production and yield. Farmers are finishing the this year's harvest involving 13.2 billion bushels of corn on 86 million acres, for an average yield of 153 bushels per acre.
This increase in exports signals a 100-million bushel decrease in estimated surplus-- or ending stocks. Also, USDA reported a season-average farm price for corn projected at $3.35 to $3.95 per bushel. That's 15 cents higher on both ends of the range based on reported prices to date, as well as higher cash and futures prices.
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Source: National Corn Growers Association