US corn planting up, stockpiles soar, despite flooding

In Washington, the USDA released its latest Acreage Report – some surprises there.

The USDA is reporting that, despite widely-reported flood conditions in the north, 92.28 million acres of corn were planted this spring, up 5 percent from last year. Projected corn yields are at 158.7 bushels/acre from  projected 84.9 million harvested acres, and a harvest of 13.47 billion bushels, up 300 million bushels from the latest supply/demand figures from USDA, and leading to final carryout stocks of 1 billion bushels.

Growth Energy CEO Tom Buis said that this report is evidence of the American farmers’ ability to respond to the market, even in a weather-challenged environment. “This report shows once again the productive capacity of the American farmer to respond to the marketplace. American farmers continue to demonstrate that they are one of the most productive sectors in our economy,” he said.

RFA’s Geoff Cooper agreed that American farmers respond strongly to price signals, but cautioned that it is still early in the growing season and weather conditions in July and August will be of paramount importance.