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Corn Production and Yield Recorded By USDA Projects

According to the World Agriculture Supply and Demand Estimates Report released by the U.S. Department of Agriculture, Corn production is forecast at 15.093 billion bushels, down 61 million from last month. Corn supplies for 2016/17 are lowered from last month, but are still forecast at a record 16.859 billion bushels.

USDA also reduced the average U.S. corn yield by 0.7 bushels per acre to 174.4. The average price was increased by 5% to $3.20 per bushel and if realized, these figures would still represent record yield and production numbers.

The report is further evidence of the challenges family farmers are facing, said Chip Bowling, President of National Corn Growers Association. Bowling farms corn, soybeans, and sorghum in Newburg, Maryland.

He said, “The farm economy is in peril. If this trend continues, it means fewer family farms, fewer jobs, and fewer dollars being invested back into rural communities. Farmers, industry, and government all have a responsibility to step up and work together to solve this challenge. We need to invest in our industry and open markets around the world and right here at home.”

Source: http://www.ncga.com/