Corn Prices Soar as NCGA Pursues Ambitious Market Share Strategy

The National Corn Growers Association (NCGA) is pushing for a '10-10-10' strategy, aiming to capture 10% of the market share in maritime fuels, sustainable aviation fuel, and bioeconomy products. According to Sean Arians, NCGA vice president for sustainable production, each category could absorb up to 10 billion bushels of corn.

The USDA's supply and demand report released mid-August triggered a significant price increase in corn, with a 20-cent single-day gain being the largest in roughly 18 months. Dan Huber of the Huber Report attributes this move partly to Russia-Ukraine disruptions shifting export demand back to the U.S.

The USDA also bumped up corn and soybean harvested acres by over 1 million, offsetting reduced yields. Global soybean production and usage both hit a record 440 million metric tons, leaving little margin for weather disruption.