Corn Bounces Back
- From: "ecineleuf@xxxxxxxxx" <ecineleuf@xxxxxxxxx>
- Date: Wed, 27 Aug 2008 15:07:16 -0700 (PDT)
Cindy Zimmerman
August 12, 2008
The USDA August crop production forecast is a demonstration of just
how resilient American farmers can be. Despite June’s severe flooding
in the Midwest, U.S. farmers are still on pace to produce the second
largest corn crop in history at 12.3 billion bushels.
Much of the credit must go to Mother Nature for having pity on the
farmers she had just belted with flooded fields, blessing them with
almost picture perfect growing conditions for the past month.
That pushed the yield forecast up to 155 bushels per acre for corn,
which would be the second highest on record behind 2004.
“This is great news not just for corn growers, but for everyone,” said
National Corn Growers Association President Ron Litterer. “We’re
committed to meeting all needs and this estimate indicates we are
growing the corn this year to do so – and provide a solid carry-out
into 2009.”
Indeed, today’s World Agriculture Supply and Demand Estimate from USDA
increases the use of corn expected for both feed and ethanol. Feed and
residual use is raised 100 million bushels with the larger crop and
lower expected prices. Ethanol use is raised 150 million bushels as
increased supplies and lower prices are expected to improve plant
operating margins and capacity utilization rates. Exports are
unchanged while ending stocks for U.S. corn are projected at 1.1
billion bushels, up 301 million bushels from last month.
Renewable Fuels Association president Bob Dinneen says this goes to
show that America’s farmers can produce both food and fuel. “Their
historic response should go a long way in silencing those Chicken
Littles who sought to capitalize on the devastation of this summer’s
flooding to undermine and abandon America’s movement toward cutting
our dependence on foreign oil,” said Dinneen.
I’m not sure it will silence those “Chicken Littles” but it sure makes
me proud of our farmers.
http://www.goodfuels.org/2008/08/corn-bounces-back/
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