Mid-Atlantic farmers see corn prices moderate
by Jeff Ishee
MOUNT SIDNEY, VA - Corn prices have moderated over the last few weeks, coming down from a peak of nearly $8.00 per bushel this spring. On August 10, #2 yellow corn was averaging $5.50 per bushel. The USDA is now forecasting the season average price for corn in 2021 will be in the range of $5.60 - $5.80.
U.S. corn acres went up significantly this year going from about 620,000 acres in 2020 to 750,000 acres in 2021. Industry analysts say the increase in acreage planted was stimulated by hopes of higher market prices. Most analysts agree that the global economy is beginning to move beyond the COVID-19 pandemic bringing an increase in animal feed consumption.
In the Mid-Atlantic Region in early August:
• 99% of the corn crop in Pennsylvania was rated in fair to excellent condition
• 98% of the corn crop in Maryland “ “
• 97% of the corn crop in Kentucky “ “
• 97% of the corn crop in Tennessee “ “
• 94% of the corn in New York State “ “
• 94% of the corn crop in North Carolina “ “
• 89% of the corn crop in Virginia “ “