USDA: US corn yields to offset lesser acreage

[Omaha Steve]

Source: AP-EXCITE

By JIM SUHR

ST. LOUIS (AP) — U.S. corn growers may surpass last year's record production despite lesser acreage devoted to the grain, but corn prices later in the year could edge lower, a federal report forecast Friday well ahead of an unpredictable summer.

The U.S. Department of Agriculture's first World Agricultural Supply and Demand Estimates report of the year envisions the nation's farmers producing 13.9 billion bushels of corn this year, up slightly from last year's record.

Higher yields were expected to offset the lesser acreage devoted to corn, according to the closely watched report, which estimated farmers would harvest 165.3 bushels of corn per acre, up 6.5 bushels from the previous year. Corn acreage is expected to be 91.7 million acres, down from 95.4 million acres.

But the season-average price for corn was forecast to be lower at a range of $3.85 and $4.55 per bushel, down from $4.50 to $4.80 a year earlier.

FULL story at link.


Read more: http://apnews.excite.com/article/20140509/us-usda-crop-estimates-2bfa7cda7b.html

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In this Saturday, May 3, 2014 photo, central Illinois corn and soybean farmer Michael Mahoney races against a setting sun to plant seed corn in Ashland, Ill. A U.S. government report says the nation's corn growers should have banner production this year despite lesser acreage devoted to the grain. But corn prices later in the year may suffer a bit. (AP Photo/Seth Perlman)

[Algernon Moncrieff]

1. Translation: Farmers are putting more acreage into soybeans, but corn suppply should remain stable

Ethanol production should remain lucrative due to increasing gasoline prices.

[goldent]

4. Yep, farmers have the decision to make every spring

about how much corn vs. soybeans, trying to guess what the market price will be at harvest.

Wheat is usually planted in Sept/Oct the year before harvest, so they have to make that decision earlier.

[ancianita]

2. Only good news for one industry. Corporate land base destruction is proceeding apace.

[Sunlei]

3. 165.3 bushels of corn -per acre-! amazing yield!

[goldent]

5. It is incredible

and that is the average. Yields of more than 200 are very common where I live. Mostly this is due to selective breeding research done in the 1st half of the 20th century. To get the benefit, strict controlled breeding is required, which is why farmers buy new "hybrid" corn seed every year.

GM has also provided benefits but not the dramatic yield increases that hybrid corn gave us.