USDA’s National Agricultural Statistics Service recently released its 2010 Prospective Plantings report showing U.S. corn acreage at 88.8 million, up 3% from both 2009 and 2008. Ron Gray, Illinois corn farmer and former president of Illinois Corn Marketing Board, said “We continue to hear our Administration’s emphasis to expand U.S. agricultural exports. This acreage increase reflects America’s capacity to meet the domestic market demand as well as sustain U.S. market share around the world at a competitive price. Exports are a crucial component to the U.S. economy."
The USDA report also said current corn stocks are at 7.69 billion bushels, up 11% over the same time last year.
Matt Hartwig of the Renewable Fuels Association, highlighted some portions of the report related to ethanol:
"Acreage for all major crops hasn't increased — incremental needs for ethanol are being met through crop switching and not land use change.
Corn in storage at this point in the year is at its highest level since 1987, a year in which an all-time record surplus of corn was recorded.
The amount of corn currently stored on farms (4.6 billion bushels) is larger than the amount of corn that is expected to be processed into ethanol in 2009/2010 (4.2 billion bushels).
At 7.7 billion bushels, the total amount of corn in storage (on farms and in off-farm locations) is larger than the total amounts of corn harvested annually as recently as the early 1990s."
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