According to officials at the U.S. Department of Agriculture, American farmers and consumers can expect a record corn harvest this summer.
On Thursday, the USDA’s crop forecast predicted that corn production in the U.S. will reach a record 14.8 billion bushels, an increase of 2.4 billion bushels from last year and an eleven percent increase from the previous record crop in 2009.
According to an Iowa State University economics professor and grain market analyst, “We’re looking at the largest corn crop this country has ever produced and larger than the previous record by over 1½ billion bushels. We’re looking at the potential for just a true bin-buster of a crop. There’s going to be a lot of corn flying around here.”
The record crop is likely to drive down the price of corn, which in turn will help drive down the price of food nationwide. The drop in food prices may be a welcome relief to beleaguered consumers, but it could potentially lead to a drop in farm incomes, which themselves are at record highs.
Current cash prices for corn are at $6.10 per bushel, a record high in the U.S. and the most profitable year for American corn farmers in history. Some farmers are predicting an end to those highs, however, stating that the inevitable drop in prices from this year’s record harvest will lead to a major drop in profitability.
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Written by: Justin Ellison / Farm Plus Staff Writer