Nationwide, farmers are expected to harvest the smallest corn crop in four years, according to the U.S. Department of Agriculture. The agency last week reduced its planting estimate by 3.2% from May and its yield estimate by 5.7%.
Farmers think more cuts are likely as the late-planted crop could face damage from hot summer weather and an autumn frost.
“An early frost will turn this world upside down,” Rock Katschnig, a farmer from Prophetstown, Illinois, said at the party.
It is one thing to have worries about being able to sell into overseas markets like China, it is quite another challenge not to have inventory at all. The failure to plant spring crops represents a significant risk for farmers if they plant late because of getting the wrong weather at the wrong time and potentially delaying winter crops.Click HERE to subscribe to Fuller Treacy Money Back to top