The big crops keep coming
With 2016 nearly in the history books, it seems fair to say that the year will be remembered for its record corn and soybean harvests. Never before has any country ever produced 15.23 billion bushels of corn or 4.36 bb of soybeans, let alone both in the same season.
Not only was 2016 a year of good harvest, it was the fourth consecutive year of good harvests and, because of that, ending surpluses grew larger. According to USDA, U.S. ending corn stocks will total 2.4 billion bushels in 2016-17 or 16.4% of annual use. That is the highest stocks-to-use ratio in 11 years, an impressive accomplishment that took DTN’s national index of cash corn prices below $3.00 a bushel in the fall to its lowest level in eight years. Read more