USDA says farmers intend to plant 97 million acres of corn in 2020. As COVID-19 acts as an anchor on the markets, and the ethanol crisis continues to unfold, some analysts say 97 million acres could be a stretch.
World food prices fell fractionally in November from the month before, as a sharp rise in sugar and vegetable oil values was largely offset by a fall in dairy, the United Nations food agency said on Thursday.
World food prices rose in February from the month before, as rising prices for staple grains and dairy products more than balanced out lower values for vegetable oils, the United Nations food agency said on Thursday.
Farmers across the country are being asked to dump their milk, as food service demand crumbled rapidly due to COVID-19. Still, farmers are frustrated that consumers can't buy as much milk as they want right now.
With a large increase in corn acres, and declining ethanol demand, the U.S. could be swimming in supplies. That’s why one analyst thinks there's downside price risk with putting corn in the ground this year.