|
 |
|
USDA ECONOMIST: CORN RATIONING NOW OCCURRING DUE TO HIGH PRICES
Oct. 30, 2012
Red River Farm Network reports:
While there have been questions about the level of corn rationing, USDA chief economist Joe Glauber says it is happening.
"Exports are off about 40 percent and if these export forecasts are realized, it will be the lowest corn export figure in 38 years."
Ethanol and feed usage are also down. Glauber says the livestock industry is feeling the pain, but hopes it will be short-lived.
"The real difficulty for livestock is getting over the next six or seven months," said Glauber. "We're anticipating with these high prices that we will see big acreage responses in South America, hopefully, we'll see strong soybean production coming back there and even corn production."
Glauber also expects a similar acreage response from U.S. farmers next year. "With a return to normal yields, I think we should see substantial stock rebuilding."
Glauber was featured at this past week's Export Exchange Conference in Minneapolis.
|
|
|
|
|
