Demand from the state’s ethanol and livestock operations are likely to require Iowa to import additional corn.
The prediction was made by Ross Korves, economic policy analyst for Michigan-based ProExporter Network at the Iowa Farm Bureau Federation’s Economic Summit at Iowa State University.
The Des Moines Register reports Korves’ statement is the result of growing livestock operations and ethanol plants returning to full production. In addition to increasing demand, last year’s drought conditions were replaced by flooding this spring. Both weather conditions hampered corn yields which are above 2012 results, but still below average.
According to the latest crop progress report, only 18 percent of Iowa’s corn crop is in the silking stage, compared to 87 percent during the same week in 2012. The same report shows 55 percent of the state’s corn is in good or excellent condition. An earlier USDA progress report shows 99 percent of Iowa’s corn was planted by the end of June, three weeks behind schedule.
Korves told the Des Moines Register he expects the state will need an additional 221 million bushels of corn, which are likely to come from other states rather than other countries.
The Iowa Corn Growers Association reports the state produced 1.88 billion bushels of corn in 2012 and expects to reach 2.45 billion bushels this year.