July 9, 2007
Based on the June 29th USDA planting summaries, consumers and producers can see the future direction of the U.S. corn, soybean, and hay acreage will have on their operations or food costs. The following values were reported:
With a yield of 152 bushels per acre, the total corn crop could reach 13 billion bushels with a carry over of 3.5 billion bushels on June 1, 2007.
Corn price futures have dropped about 40 cents a bushel to $3.30 in July, 2007; 3.62 in March, 2008, and $3.82 in July, 2008.
For livestock producers, this reflects lower corn prices while forage costs will remain high due to the spring freeze damage at Easter. For consumers, the potential corn crop may allow the U.S. corn growers to meet corn needs for food, ethanol, and feed for livestock. Weather conditions in the next 6 to 8 weeks will be important.
- Corn acreage up 15 million to 92.8 million acres (IL has 13 million acres of corn, up 2 million acres)
- Soybean acreage down 11 million acres to 64.1 million (IL down 2 million acres)
- Hay acreage is up 1 million acres to 61.8 million acres (IL down 20,000 acres)
With a yield of 152 bushels per acre, the total corn crop could reach 13 billion bushels with a carry over of 3.5 billion bushels on June 1, 2007.
Corn price futures have dropped about 40 cents a bushel to $3.30 in July, 2007; 3.62 in March, 2008, and $3.82 in July, 2008.
For livestock producers, this reflects lower corn prices while forage costs will remain high due to the spring freeze damage at Easter. For consumers, the potential corn crop may allow the U.S. corn growers to meet corn needs for food, ethanol, and feed for livestock. Weather conditions in the next 6 to 8 weeks will be important.
