IronPlanet Blog

USDA predicts increase in corn production

Posted by IronPlanet on Jan 10, 2012 4:13:00 AM

The U.S. Department of Agriculture (USDA) is predicting that world corn production will rise by the end of the year, leading to a 43.4-million ton increase in corn production for 2010/2011, reports the Des Moines Iowa Register.

Strong foreign production coupled with increased demand from ethanol plants is leading to an increase in the amount of corn produced. The projection will likely lower the price of corn slightly, reports the news source. The crop has been selling at about $6 per bushel as of late, though it was up beyond $7 per bushel earlier this year.

For next year, the USDA predicts a record high in global corn production, though it says that the U.S. appears to be on track to produce 3.5 million fewer tons of corn.

Predicting the price of corn can be very difficult for farmers, as there are so many factors that go into it, and even the slightest change in the markets can cause the price to swing. Thus, it's smart business to keep costs as low as possible, such as through buying used agricultural equipment on IronPlanet. The auction site has a wide variety of combine harvesters, tractors, dump trailers and much more that can help any agricultural business keep their costs down and get the equipment they need.

Topics: Industry Headlines

Follow Us IronPlanet on TwitterIronPlanet on FacebookIronPlanet on YouTubeIronPlanet on LinkedInIronPlanet on Instagram

Subscribe to Receive Email Updates

Upcoming Events

 

July 22-25: NACo (National Association of Counties) Annual Conference and Exposition
Long Beach Convention Center - Long Beach, CA
Booth 116


July 30-31: Arctic Thunder Air Show Alaska
Anchorage, AK


August 27-28: LBLM Air Show & Warrior Expo
McChord Field, Washington