Photo Courtesy of the Des Moines Register
The United States Department of Agriculture released reports that project a record corn crop this year. However, corn crops are not the only crop exceeding expectations this harvest. According to the USDA’s National Agricultural Statistics Service (NASS), soybean crops are expected at 3.43 billion bushels also up 2 percent from the previous year.
Russia, one of the biggest competitors in the market, are not expecting as high of numbers. Across Russia producers are dealing with extreme drought and heat that began in July. This weather caused a huge decline in crop expectations. Estimates currently stand at 8.0 million tons.
Ukraine, also a high competitor, is also dealing with weather-related issues. Heavy rainfall damaged many maturing crops and caused harvest delay across the country. Only 3.0 million tons is expected at the end of harvest.
Due to such problems farmers can expect high exports as well as domestic sales as Russian and Ukraine imports decline.
Federal Reserve stated interest rates likely to rise. Refinance your farm loan before rates go up. Call a representative by dialing 866-929-5585 or visit us online for more information.