Statewide Iowa — Industry experts say there is a glut of corn on the world market and a new report on planting intentions shows corn acres up more than five-million from a year ago.
U-S-D-A grains analyst Jerry Norton says those numbers are higher than anyone expected, though he says farmers in Iowa and elsewhere really can’t afford -not- to plant those acres in corn.
Norton says one of the reasons corn is so attractive right now is because fuel and fertilizer costs are down, but so are commodities prices.
The International Grains Council predicts world corn production will be up 21-million tons this year while grain supplies remain at record high levels. Some farmers may have to really cut back this year on expenses, according to Norton.
Iowa is the nation’s leading corn-grower. In 2014, Iowa corn farmers grew almost 2.4-billion bushels of corn on 13-million acres of land.