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UPDATE 2-U.S. farmers plan huge corn crop despite price drop, ethanol collapse – Successful Farming

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By Mark Weinraub

CHICAGO, March 31 (Reuters) – U.S. farmers plan to plant
their biggest corn acreage in eight years this spring, saying
the grain is the best option in a tough farm economy despite
weak demand from the biofuel industry as the coronavirus
spreads.

The U.S. Agriculture Department in its annual prospective
plantings report, which is based on a survey of about 80,000
farmers taken during the first two weeks of March, on Tuesday
forecast corn plantings of 96.990 million acres, topping already
robust market expectations.

That means the U.S. market could be flooded with corn at a
time American ethanol plants, which normally account for some
40% of U.S. corn usage, are closing. There is little demand for
the biofuel that is blended into gasoline as Americans stay
home.

Although the survey was taken before the rippling effects of
the coronavirus pushed corn futures to 3-1/2-year lows due
to demand destruction in the ethanol sector, growers said they
do not intend to change their plans.

“If you panic with every move, you are not going to be
farming your whole life,” said Paul Berbaum, a farmer in
Champaign…



Read More: https://www.agriculture.com/markets/newswire/update-2-us-farmers-plan-huge-corn-crop-despite-price-drop-ethanol-collapse

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Source: https://www.agriculture.com/markets/newswire/update-2-us-farmers-plan-huge-corn-crop-despite-price-drop-ethanol-collapse

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