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Rising demand for corn from ethanol producers is pushing U.S. reserves to the lowest point in 15 years, a trend that could lead to higher grain and food prices this year.The Agriculture Department on Friday left its estimate for corn reserves unchanged from the previous month. The reserves are projected to fall to 675 million bushels in late August, when the harvest begins, or roughly 5 percent of all corn consumed in the United States. That would be the lowest surplus level since 1996.
The limited supply is chiefly because of increasing demand from ethanol makers, which rose 1 percent to 5 billion bushels. That's about 40 percent of the total crop.
But the increase didn't alter the agency's overall estimate, mostly because livestock producers are expected to scale back their corn purchases.
The Agriculture Department estimated that demand from livestock producers fell 1 percent to 5.15 billion bushels.
Crops prices rose about 1 percent to $7.67 during morning trading, shortly after the report was released. The price of soybean rose 1 percent to $13.80 a bushel. Wheat was virtually unchanged at $7.76 a bushel.
Corn prices affect most products in supermarkets. Corn is used to feed the cattle, hogs and chickens that fill the meat case, and it is the main ingredient in cereals and soft drinks.
Copyright 2011 The Associated Press. The information contained in the AP news report may not be published, broadcast, rewritten or otherwise distributed without the prior written authority of The Associated Press. Active hyperlinks have been inserted by AOL.
But the increase didn't alter the agency's overall estimate, mostly because livestock producers are expected to scale back their corn purchases.
The Agriculture Department estimated that demand from livestock producers fell 1 percent to 5.15 billion bushels.
Crops prices rose about 1 percent to $7.67 during morning trading, shortly after the report was released. The price of soybean rose 1 percent to $13.80 a bushel. Wheat was virtually unchanged at $7.76 a bushel.
Corn prices affect most products in supermarkets. Corn is used to feed the cattle, hogs and chickens that fill the meat case, and it is the main ingredient in cereals and soft drinks.
Copyright 2011 The Associated Press. The information contained in the AP news report may not be published, broadcast, rewritten or otherwise distributed without the prior written authority of The Associated Press. Active hyperlinks have been inserted by AOL.
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Reader Comments (Page 1 of 1)
4-08-2011 @ 4:59PM
william lindblad said...
Remember that all information at present is projected and the results do not become known - starting in August and ending in October. Suppose it's a lousy harvest. Suppose it's a very lousy harvest. Than what?
Suppose this is true with soybeans, spuds, wheat, oats and just about everything else that grows?
Why are we doing pellitized seed? The coatings are fungicide/pesticide. Is there a problem? Glyphosate is starting to fail.
4-08-2011 @ 10:55PM
L Hudson said...
As agriculture goes so goes the nation. To bad the Obama economics is a total failure and now we must endure reduced commodities; higher fuel; domestic energy shut downs and all the while, Obama is absent from his being the leader. Would someone please find where he is and tell him he is still president until November 2012 and we kick his a out of office and return toward becoming a moral; ethical country once again.
Enough of the sorryness this Obama has proven to be unqualified to be president. Fooled once.
4-09-2011 @ 3:06AM
Customwoodman said...
Amazing how they cover for the Obama administration... a thousand convienient excuses why everything is going up... and I mean everything... Nothing to do with recession and depression and inflation... of course that went away in june of 2009...
4-09-2011 @ 4:26AM
Lwilcox said...
Using corn for fuel on the present scale is a prescription for disaster. The fact that it's "profitable" for businessmen, hedge funds, speculators and assorted banksters doesn't change this. The time will come, and perhaps sooner than we think, when we will regret this very much.
4-10-2011 @ 4:02PM
Terry said...
My brother is a corn and soybean farmer in the midwest. It is his opinion that using corn for ethanol is a complete waste of the product. There are several other grasses and crops that are more useful for ethanol. To produce the ethanol there are hundreds of thousands of gallons of water used. It takes a tremendous amount of electricity and natural gas to power the ethanol plants. There is no savings in carbon footprint producing ethanol. And the end product is no cheaper than gasoline, is not widely available, and is actually cheaper to import from South America than it is to produce it in this country. The increase in livestock feed and the resulting increase in meat prices and grocery products far outweigh any value of using corn to produce ethanol. The corn is simply to valuable to waste.
4-11-2011 @ 12:35AM
Rick Peterson said...
Ethanol produces less power per gallon that gasoline. My truck gets 17 MPG on gasoline and 15.4 MPG with the gasoline/Ethanol mix that nearly all gas stations in Idaho are forced to carry. Ethanol also plugs up carburetors that sit over the winter and causes chainsaw, snowmobile and other 2-stroke engines to seize. Oh, and it takes more energy to refine a gallon of Ethanol than you get from it. Bad science, greedy farmers and dishonest politicians are behind this SCAM!
4-11-2011 @ 3:07AM
Terry said...
How does using corn for ethanol production make "greedy farmers". Farmers can sell their corn for market price only. If the large ethanol producers then buy the corn, the farmer has nothing to do with how their corn was used after he sold it.
4-14-2011 @ 2:20AM
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