In a new analysis, the American Farm Bureau Federation says U.S. farmers may need to scale back corn acres to support prices. The March USDA Prospective Plantings report is forecasting 97 million corn acres to be planted this year. Farm Bureau says corn acres will need to decline 6.6 million acres to keep sustainable ending stocks. If 97 million acres are confirmed with a yield of 178.5 bushels per acre, there would be 88.8 million acres of harvested corn. Adding that to the latest corn ending stocks, new crop corn supplies could reach 18 billion bushels; the highest on record. Farm Bureau says there’s not enough demand at this time to offset the large supplies, including the idle ethanol production capacity.
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