Corn prices topped 8-dollars last summer and that is expected to encourage an expansion in planting of corn this year. As a result, USDA predicts the price of corn could fall 20 percent and the stockpile could double. USDA expects farmers will plant 94-million acres of corn this year. That’s about 2-million acres more than last year. That would be the largest area planted to corn since 1944. This information is found in a report released during the annual USDA outlook conference held last week.
Meanwhile, farmers are paying closer attention to their marketing strategies. Some are storing some of their harvest, rather than selling it. Analysts believe keeping the on-farm storage bins full is helping keep corn prices relatively high. About 64 percent of the nations’ corn supply is now being held by farmers. That’s up from 62.7-percent about one year ago.
Source: NAFB News Service