When the USDA put out that planting report that showed corn acres increased, instead of decreased because of the wet spring, everyone was shocked. The reason is the price is too enticing to pass up. Who wouldn't put corn in marginal ground when it is bringing $7+ a bushel. I know of a few who caught contracts at $8+ last august. You don't even have to know how to grow corn or be a good farmer to make money with an $8 price tag.
When the next crop report comes out in a week or so, if the bushel per acre estimate goes down, the price will get a bit of a jump, but guaranteed, if the bpa goes up or stays the same, the price will continue to fall. The good news is that the price won't fall off quite as fast this fall, as the corn belt had a delayed planting, and harvest will be delayed, and the first people to get the corn out of the field will get more on a spot sale than those taking it out last.
Let's say we get a hard killing frost in early September through the corn belt. That will stabilize the price some or drive it up just a bit, but not much.
A cold wet wet fall will have the next greatest impact, if it prevents the bulk of farmers from getting the corn out of the field.
My hope is that demand continues to increase, as the price falls, and we get back to something more normal as far as weather in the next few years. These extremes last happened to me in 1988 and 1989. too dry, to too wet... same thing...
I will say this. I do believe that the price will not stay low for long if everyone just puts that corn into bins and holds it over the winter.
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Today's Featured Article - A Lifetime of Farm Machinery - by Joe Michaels. I am a mechanical engineer by profession, specializing in powerplant work. I worked as a machinist and engine erector, with time spent overseas. I have always had a love for machinery, and an appreciation for farming and farm machinery. I was born and raised in Brooklyn, New York. Not a place one would associate with farms or farm machinery. I credit my parents for instilling a lot of good values, a respect for learning, a knowledge of various skills and a little knowledge of farming in me, amo
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