Corn prices jump after latest USDA report

Updated: Jun. 14, 2021 at 7:25 AM CDT
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ALTOONA, Wis. (WEAU) - Corn prices got a shot in the arm with last week’s USDA World Agricultural Supply and Demand Report for June. That report raised both U.S. corn exports and ethanol usage by 75 million bushels with corn exports with total corn exports now projected at 2.85 billion bushels. That lowered our ending corn stocks for this year down to just over 1.1 billion bushels—down from 1.25 billion in last month’s report. The report for soybeans contained some surprises as economists lowered the soybean crush by 15 million bushels, increasing ending stocks by the same amount, up to 135 million bushels. Economists also figure this year’s corn crop will come in at 14.99 billion bushels and the U.S. soybean crop at 4.4 billion.

The protests over the Keystone XL Pipeline Project are over. That’s because Canada’s TC Energy Corporation and the Alberta government announced they are shutting down the project after years of battling with environmental groups who fought against its construction. The plan was to move Canadian oil through the pipeline across U.S. farm country like the Dakotas and Nebraska, taking it to refineries on the Gulf Coast. But on President Biden’s first day in office he revoked one of the pipeline’s construction permits.

The shine is off the apple as far as growing hemp in Wisconsin is concerned. As growers began their 4th year of legally growing hemp in the state, their numbers are down. Department of Agriculture, Trade and Consumer protection officials say just 803 producers applied for growing permits this year—down from 1,527 last year. And 134 of those permits are going to first time growers. Also down this year is the number of people who have applied for hemp processing permits. So far that number is 477 versus the 761 processor permits issued last year. DATCP officials say slow market development is a major reason for the decline.

Some familiar names have been re-elected to seat of the board for Dairy Farmers of Wisconsin. The Department of Agriculture, Trade and Consumer Protection has just released the results this spring’s elections. Returning to the Board for another 3 years from our area are Kay Zwald of Hammond in District 1—representing St. Croix and Dunn counties, Steve Sternweiss of Marshfield in District 8 and Patricia Kling of Taylor in District 14 seving Jackson, LaCrosse and Trempealeau counties.

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