Corn is looking better than the past years. Although we planted later, rains and good weather has the crops playing catch-up. Pictures show corn at 3 foot one week ago and 5.5 foot today
Some areas are experiencing flooding, and if those acres are lost it will not be replaced with corn, but every year there are destroyed acres and this year will be larger than average but it look as if the remainder will more than make up for it. Surveys show 89.2 million acres of corn planted and if we keep up with favorable weather that would be a 14.7 billion bushel corn harvest.
Pork exports are up 10% and I expect growth on hog numbers. The Beef herds will take some time to rebuild and the harsh winter put another roadblock in any real growth. Many herds simply have not gotten the opportunity to rebuild after the several years of drought. Corn for feed use will be on a slower increase than corn that we will be exporting. With 14.7 billion bushels to market prices will be much lower than the past several years, but it will give the opportunity for demand to build.
With genetic improvements and increased technology at farmers availability our yields will become greater than thought possible. We need to build back our livestock customers and get corn affordable for more countries to buy from us.
I am encouraged that the world economy is able to recover and this growth will drive farmers to grow in return. I mentioned that pork exports are up 10% and this is at a time that pork prices are setting an all time high. With corn price much lower those exports will explode.
As always please pray for the farmers that are not experiencing this good weather, also pray for the citizens of countries in turmoil that security will return.
Serving together, Dean
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