After the eye-opening WASDE, corn growers are asking for help with a record crop on the horizon and few places for it to go.
The National Corn Growers Association says farmers are already facing low prices, and the latest report will only add to their issues. They are calling for market-based solutions to increase demand, particularly with ethanol.
NCGA wants Congress to make E15 available year-round, saying it will help consumers and farmers with extra supplies. Tuesday’s numbers show this year’s corn crop could be nearly 10 percent above 2023.
Corn ending stocks are expected at just over 2 billion bushels when the season is over, the largest since 2019.
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Despite China’s sharp drop in grain purchases this year, new USDA export data this week shows that even some buying activity from the trade giant still moves the markets.
Corn and wheat exports remain supportive, but weaker soybean demand — especially from China — continues to pressure oilseed markets.
The U.S. has a bountiful corn supply, but markets are waiting for the January WASDE Report, which will include updated yield estimates.
Ethanol output softened, but underlying supply-and-demand trends indicate stable longer-term use despite short-term volatility in blending and exports.
