US corn prices will drop to $ 3.50 a bushel. However, in the near future it is unlikely that it will cost $ 5.
Direct speech: “We set the price. Over the past few years, about 44 million bushels of corn have been produced worldwide, and consumption trends are growing worldwide. To create price volatility requires only one problem in one of the main areas of production.
Globally, we don’t look at an oversupply, ”said Mark Welch, Ph.D., grain marketing economist at AgriLife Extension, College Station. His comments came as part of the Blackland 2020 Revenue Growth Conference in Waco.
About 25% of world corn production is in the USA
Welch said recent US corn consumption has not changed. In 2019, about 10 million acres of main crops were not planted. Most of the price forecast depends on what will be seeded in 2020.
He expects the growth of both corn and soybeans will offset the prevented plantings last year. According to Welch, the sown area of corn is about 93 million acres, and the average yield in the middle of 170 bushels per acre will give one of the largest corn crops in US history. According to him, this is happening in the context of a constant decrease in domestic consumption and increased competition in the export market.
Meanwhile, Jeff Hyde, Ph.D., extension director for AgriLife, College Station, delivered a keynote address during a midday program to over 330 visitors. Hyde praised the work of manufacturers of the Black Sea region.
Direct speech: “It takes a lot of faith and hope to become a farmer. We value everything you do and the sacrifice you make, ”he said.
- Many people want to know the prices, and here American scientists look into the future, studying corn.
- Earlier we reported that India is postponing a tender for the purchase of corn.
- Some farmers are increasing the volume of crops grown. So, the Croatian farmer received a record crop of corn.