USDA’s estimate for 2023/24 U.S. corn is for higher ending stocks. The corn crop is projected at a record 15.3 billion bushels, up more than 10 percent from last year on increases to both area and yield. The yield projection of 181.5 bushels per acre is based on a weather-adjusted trend assuming normal planting progress and summer growing season weather. The season-average farm price is projected at $4.80 per bushel, down $1.80 from 2022/23. U.S. corn exports for 2023/24 are forecast to rise 325 million bushels to 2.1 billion. Despite a rebound in U.S. exports, Brazil is forecast to be the world’s largest exporter of corn for the second consecutive year. Exports for Ukraine are projected to decline based on lo...
From WPI Consulting
Communicating importance of value-added products
Facing increasing pressure to quantify the value of export promotion efforts to investors, a U.S. industry organization retained WPI to develop a quantitative model that better communicated the importance of exports. The resulting model concluded that value-added meat exports contributed $0.45 cents per bushel to the price of corn, increasing support for that sector’s financial support of WPI’s client. In addition to serving the red meat industry with this type of analysis, WPI has generated similar deliverables for the U.S. soybean and poultry/egg industries.