National Corn Growers Association President Garry Niemeyer released the following statement in response to the U.S. Department of Agriculture report released this morning which further decreased the estimated U.S. corn production in 2012.

 “Farmers across the country are coming to grips with the full impact of this devastating drought. The August USDA crop report confirms our concerns that corn production may be several billion bushels less than previously anticipated, due to a summer heat wave which kept temperature well above normal and offered only sporadic rain.

“Our nation’s farmers have done all they can to increase the corn supply, planting the most corn acres our country has seen since 1937 this year. Thankfully, this additional acreage and innovative agronomic practices will make an important difference, and we remain hopeful that above average yields in some areas will further augment the crop. At the same time, we recognize that it will not fully cover yield concerns.

“Without advanced seed technology, including biotechnology and new genetics which help corn plants use water more efficiently and better tolerate extreme heat and other drought conditions, production losses would be much greater.

“Many of our farmer members are suffering immensely from the drought. Many are also in the same predicament as our customers because they have livestock or own ethanol plant shares. Now is the time for all of American agriculture to pull together and work together for solutions that benefit us all. NCGA offers the following recommendations to that end.

“First and foremost, we must maintain a level perspective when looking at the situation facing us today. Looking at similar points in our past, we see that, in the long-run, the market works. While speculators aiming for personal gain and emotionally charged decisions may drive corn prices beyond justifiable levels in the short-term, these factors will subside. As it always has, the market will correct and continue to effectively allocate the corn supply for our various customers.