WASHINGTON, DC – Growth Energy, the coalition of U.S. ethanol supporters, released the following statement in response to the latest World Agricultural Supply and Demand Estimates (WASDE) report which forecast the third largest corn crop and yield on record.
While the corn crop is forecast to be smaller than originally reported a month ago, Growth Energy CEO Tom Buis noted that farmers are still harvesting, indicating that the final crop yield could be higher than projected in today’s report. And while the forecast is leaner than anticipated by market watchers, Buis said that U.S. grain producers will still ultimately have a sizable surplus after all demand is met.
“Today’s report forecasting the third largest corn crop and yield on record show the productive capacity of America’s farmers. Even despite challenging weather conditions, we can produce enough grain to meet our food, feed, fuel, and export obligations – and still leave corn in surplus,” said Buis. “Actual demand for grain – for food, for livestock feed, for export and ultimately for renewable fuel – has hardly changed, showing this country can produce all the grain we need. We learned from the last time that Wall Street speculators ran up the price of grain – using commodity prices like poker chips. No one should be fooled.”
# # #
About Growth Energy
Growth Energy is a group committed to the promise of agriculture and growing America’s economy through cleaner, greener energy. Growth Energy members recognize America needs a new ethanol approach. Through smart policy reform and a proactive grassroots campaign, Growth energy promotes reducing greenhouse gas emissions, expanding the use of ethanol in gasoline, decreasing our dependence on foreign oil, and creating American jobs at home. More information can be found at GrowthEnergy.org.