Illinois Corn staff participated in the excellent series of sessions sponsored by FARMDOC in December. The Illinois Farm Economics Summit advised farmers that small corn crops in 2011 and large grain crops in the rest of the world means smaller export demand.
“The small corn crop in 2011 should result in small inventories by the end of the marketing year. Large grain crops in the rest of the world will keep export demand weak. The expiration of the ethanol benders’ tax credit and declining broiler and cattle numbers point to stagnant domestic consumption in the first half of 2012. Southern hemisphere corn production is expected to increase in 2012, but hot, dry conditions are currently being experienced in Argentina. U.S. farmers may increase corn acreage and a higher yield in 2012 would result in more abundant supplies, but uncertainty will persist through the summer. Prices are expected to remain in the mid-$5 to low-$6 range in early 2012. Prices later in the year will reflect crop prospects and world financial conditions.”
Read more about the summit’s messages on other crops here. http://www.farmdocdaily.illinois.edu/2011/12/2011_ifes_1.html
The summit also discussed crop insurance, highlighting new features and new programs for the 2012 crop year. Illinois Corn has been integral in the creation of a new program that incorporates yield trends into a farmer’s APH. Find out more about this new program and what it could mean for your farm by downloading FARMDOC’s Crop Insurance Calculator here. http://www.farmdoc.illinois.edu/fasttools/index.asp