Corn Supply Low, Prices High

1 decade 1 month 11 hours ago February 26, 2007 Feb 26, 2007 Monday, February 26 2007 Monday, February 26, 2007 9:16:55 PM CST in News
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Fred Atkinson of Kingdom City, however, is excited to sow his corn this year.

"I'm going to increase my corn acreage by 50 percent trying to take advantage of the good prices."

As the main ingredient in ethanol, corn is a wanted commodity.

"Now we're up from approximately two and a half dollars a bushel last fall to over four dollars a bushel now, so it's been a nice rise," said Atkinson.

It's simple supply and demand, and increased ethanol use has raised the demand for corn. This has led to Americas lowest corn supplies in 34 years and with low supply come high prices.

At Callaway Livestock Center, farmers wish they could stop the ripple effect.

"The feed is a lot more expensive than what we've been used to paying for, but they're adjusting and realizing it's going to cost more. They're figuring it in and everything is going to be fine," said John Harrison, owner of Callaway Livestock Center.

The ripples haven't reached consumers yet, but the economics of supply and demand forecast corn to be in high demand and at a high price for awhile. Estimates say that farmers need to plant 12 percent more corn this year to meet projected demand. If they under produce, corn prices could rise even more.

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