The U.S. Grains Council’s chart of note this week shows that global corn stocks for the 2014 to 2015 marketing year are predicted to be 185.3 million metric tons, or 7.3 billion bushels.
The projected amount is the largest ending corn stocks since the 1990 to 2000 marketing year when 194.4 million tons, or 7.7 billion bushels, were carried over, according to the U.S. Department of Agriculture (USDA).
The high carryover 15 years ago contributed to an average price of $1.89 per bushel in the 1990 to 2000 marketing year. The global demand for corn has since increased by 59 percent. The high demand has helped sustain U.S. corn prices, which the USDA projects will be in the $3.50 to $3.90 price range for the 2014 to 2015 marketing year.
Costs have also increased, though. The estimated price range for the 2014 to 2015 marketing year is close to many farmers’ costs of production. Despite increased global demands, U.S. corn acreage is expected to decrease to 89.2 million acres, a 2 percent decrease. If that expectation is correct, it would be the third consecutive year of acreage decline in the United States, as well as the lowest planted average since 2010.
Organizations in this story
U.S. Grains Council 20 F St NW Washington, DC 20001
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