More U.S. corn will be headed to export markets according to a recently released USDA report, offering further proof that American farmers can meet the needs of this nation and abroad.
The South Dakota Corn Growers Association (SDCGA) is pleased to learn that U.S. corn exports are at an all-time high, as reported by the U.S. Department of Agriculture (USDA) in its latest World Agricultural Supply and Demand Estimate (WASDE). The corn export forecast for 2007/08 has been raised by 100 million bushels, to a projected 2.45 billion bushels, surpassing the previous record for corn exports of 2.4 billion in 1979/80. In addition, the increased exported bushels will decrease a 100 million bushel surplus in corn ending stocks.
This year, South Dakota farmers harvested a record corn crop in the state, exceeding 560 million bushels on 5 million acres. Nationwide, 13.2 billion bushels of corn were produced on 86 million acres.
“South Dakota’s and our entire nation’s farmers have proven time and again that they are able and willing to produce ample supply of corn to feed the world and fuel our country. It’s time our nation’s policies reflect the clear dedication and ability of producers to meet and exceed demands in all corn market sectors while practicing sustainability and stewardship,” said Reid Jensen, president of the SDCGA.
The USDA did not revise its November estimates for production and yield. Also, the USDA reported that season-average farm price for corn is projected at $3.35 to $3.95 per bushel, up 15 cents on both ends of the range based on reported prices to date and higher cash and futures prices.