WASHINGTON, DC – Strong production in South America and elsewhere around the globe are disproving fears of food shortages, as the Agriculture Department’s World Agriculture Supply and Demand Estimate showed that while U.S. supplies of corn remain tight, production elsewhere actually went up.
“Fear in the market that the carryout number would go down didn’t come to fruition,” said Growth Energy CEO Tom Buis. “Now there is still a lot of volatility in the market, based on rumors of increasing sales to China, excessive speculation and profiteering in the commodities market. But this newest USDA report proves what we’ve been saying all along, which is that the productivity of American farmers and farmers worldwide will meet the challenge to provide more than enough corn to meet demand. American farmers are expected to produce the largest crop ever this year.”