With five-percent of Iowa’s corn crop already in the ground, many farmers are predicting a record harvest in Iowa.
That may not be all good news farmers. A record harvest could push surplus corn stock to 1.8 billion bushels. That’s the highest level in two years.
Farmers say the surplus would drive down prices. That’s something already happening because of speculation over the coming harvest.
“We haven’t harvested a thing, it’s all based on speculation ‘what if, what if’ that’s why we haven’t sold any grain recently because the markets were going down. We could probably still sell now and make a profit although, a small profit, but we’re hoping there will be a weather scare,” one farmer says.
A Des Moines broker predicts a record harvest could push corn prices down to $4 a bushel.