Its been a good year for farmers. This year’s crops, especially corn, have flourished due to the summer’s mild temperatures and rain. According to a Bloomberg survey, corn output is expected to be 1% higher than expected by government estimates, and soybeans are expected to be 1.2% higher. This surplus of crops is allowing the grains to be bought for less by big-name buyers, such as Tyson Foods Inc., enabling them in turn to boost profits.
My corn has not been under any weather stress for one day,” said Cory Ritter, who farms 2,000 acres in Illinois. “The seed popped out of the ground in four days and started growing right away. Cool temperatures helped during pollination, producing big ears, and rains have come at the perfect time all season. It’s my best crop ever.”
The price of corn has decreased by 21% to $3.70 a bushel and soybeans are $10.44 a bushel, having decreased by 30% since the end of May.
The challenge for farmers now is to figure out where is all will go. As Richard Guse, farmer from Minnesota explained,
We need better roads and faster train shipping to keep the grain moving.”
Read more here- “Too Much Corn with Nowhere to Go As U.S. Sees Record Crop,” (Jeff Wilson, Lydia Mulvany, Megan Durisin, Bloomberg)
Olivia is a graduate of Villanova University where she studied Economics and History, minoring in Gender and Women's Studies. She also has experience working with federal legislatures on health care policy, women's issues, and Internet safety.