U.S. farmers will harvest a record haul of corn and soybeans this fall, as fields throughout much of the Corn Belt have some of the best growing conditions in years, the Agriculture Department said Tuesday.The curve is in pretty steep contango
The abundant supply of the grain and oilseed, the result of timely rains and moderate temperatures, has sent prices for both commodities tumbling to their lowest levels since 2010.
The expected record production has caused a ripple throughout agriculture, resulting in cheap feed for livestock producers and helping ethanol plants ramp up production. But at the same time, prices are squeezing the finances of some farmers who are struggling to cover costs.
Eventually, consumers could benefit from lower food prices, especially for steaks and other meats, but the impact is not expected to be felt for some time, analysts said.
The Agriculture Department said the country’s farmers will harvest 14.03 billion bushels of corn and 3.82 billion bushels of soybeans. Both would be the largest on record. Predicted average yields for each of the commodities — 167.4 bushels per acre for corn and 45.4 bushels per acre for soybeans — also are expected to be all-time highs....MORE
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