US Mid West drought sees corn prices at record highs
Drought inwards the American Mid West has pushed corn prices to tape highs.
The hereafter of corn prices together with the acquit on on fed livestock continued to last an unfolding, tumultuous situation, according to Texas AgriLife Extension Service grains marketing economist Dr Mark Welch.
However, only about rank of clarity should last coming inwards the side past times side few weeks, he suggested.
“This is non only a render situation, but need equally well,” said Welch, based at College Station.
“We are going to run into only about need reply to these high prices together with bespeak to carefully scout for that. What nosotros bespeak to run into are these crop-condition reports every Mon leveling off together with larn an assessment of what is going to actually happen.”
Until then, Welch said corn prices volition maintain to hover at tape levels.
Welch predicts at that topographic point volition last a “huge acreage reply side past times side year” inwards planted corn acres due to the electrical flow relation to render together with demand.
“I mean value nosotros volition run into a few to a greater extent than wheat acres together with to a greater extent than corn together with soybeans, specially across the South. Where cotton fiber prices are correct now, that 60-cent cotton fiber competing against soybeans inwards the teens, it doesn’t accept a lot of pencil pushing to run into where that’s going.”
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