Farmers will help store 11 billion bushel U.S. corn crop

[The Straight Story]

Farmers will help store 11 billion bushel U.S. corn crop

By ANDREA JOHNSON, Assistant Editor


It may take awhile, but farmers, elevators and end users will find a home for all of the No. 2 yellow corn that was produced in the United States in 2004 - even if it's just in the bin.

"We're still trying to digest just a big corn crop," said Ed Usset, University of Minnesota grain marketing economist. "Everyone just seems a little in shell shocked over the size of the crop."

On the Chicago Board of Trade, corn on Dec. 3 sold with March - $2.07 1/4, May - $2.15, July - $2.22, September - $2.29, and December 2005 at $2.38. Those prices were about seven cents lower than two weeks earlier.

Exports did not help take prices higher in early December. USDA's export report showed corn sales of 585,000 metric tons (23 million bushels) on Dec. 2 - almost 55 percent less than sales one week earlier. Experts had forecast corn sales of 27.5-39 million bushels.


http://www.farmandranchguide.com/articles/2004/12/10/ag_news/markets/market01.txt