GoodFuels

Corn Crop is Growing

Call it the Energizer Corn Crop - it just keeps growing and growing…

USDA is now calling for five percent more corn to be produced in the United States this year than last year, at almost 12.8 billion bushels – just two percent less than the record 2007 crop. A forecast yield of 159.5 bushels per acre would also be the second highest on record, behind 2004. The acreage survey that was redone for a number of states was left basically unchanged.

Analyst Peter Georgantones of the Minnesota-based Investment Trading Services says farmers seem very pleased with their crop. “I have been doing this for 22 years now and I have never had a year like this one where farmers all over the Midwest really are not complaining - and farmers love to complain!”

Even better, USDA’s World Agricultural Supply and Demand report estimates corn use for 2009/10 will be higher with U.S. corn supplies are projected at a record 14.5 billion bushels, up 134 million from the previous record in 2007/08. “Food, seed, and industrial use is raised 100 million bushels with higher expected use for ethanol supported by favorable ethanol producer returns and strong incentives for ethanol blending,” USDA predicts. They also added another 100 million bushels for feed and residual use and another 150 million in exports.

Despite critics who challenge our ability to produce food, feed and fuel for the world, the American farmer just keeps growing and growing…