U.S. corn exports tumbled at November end - The U.S. Department of Agriculture reports that for the week ending Nov. 29 corn exports of 292,800 metric tons (1 ton equals 36 bushels) were down 21 percent from the previous week and 16 percent for the prior 4-week average.
$5.50-per-bushel corn possible if yield normalizes in 2013 - A return to more normal U.S. corn yields in 2013 could send new-crop prices spiraling downward, but persistent drought in some of the nation’s top corn-producing states could have the opposite effect, says Purdue Extension agricultural economist Chris Hurt.
Food prices set to soar as worst U.S. drought for half a century forces corn farmers to abandon fields the size of Belgium and Luxembourg
US food prices SOAR, Obama does NOTHING, as worst U.S. drought for half a century forces corn farmers to abandon fields the size of Belgium and Luxembourg. Over 30% of corn crop goes to making "Green Energy", despite fact that other types of crops produce a much higher amount of sugar need to produce the alcohol added to gas to reduce green house gases. Lower middle class, working poor, and seniors suffer as they decide either to freeze or eat this winter.
Iowa’s farmers and state economy watchers face the reality that a “historically rare period” of prosperity for Iowa agriculture may be ending. The U.S. Department of Agriculture last week forecast a return to more normal corn surpluses of almost 2 billion bushels. The more ample supplies could drive down corn prices to as low as $4.20 per bushel by year’s end, compared with an average price of $6.20 in 2011, the USDA predicted.
Economist pegs 2013 MYA price for corn near $6 per bushel - Current Chicago Mercantile Exchange (CME) futures prices suggest that market year average (MYA) corn prices for 2013 will be near $6.00 per bushel.
Economist says corn prices could fluctuate wildly next year - “The potential for volatility in this market is extreme. We’ve been in a volatile situation the last two or three years, but 2013 could be even more volatile. So, my range for corn could be from $4 or $4.50 on the low end to $10 on the high end.
"“We saw how price spikes caused by this government mandate impacts turkey growers when corn prices reached almost $8 per bushel: U.S. turkey production declined by 9 percent, resulting in loss of rural jobs.”