U.S. corn and soybean farmers are giving thanks this week as their record-breaking harvest nears completion.
Nationwide, over 90% of this year’s corn and soybean crops have been brought in from the fields, a welcome relief as snow and poor weather conditions had slowed harvest.
This year’s soybean crop is the largest in history, and corn will likely be the second largest ever, leaving the United States awash in the commodities. Due to poor export prospects after this year’s trade wars, especially with China, much of this season’s bounty could stay in storage through next year, which is keeping prices low.
Many producers are anxiously awaiting a payment from the U.S. Department of Agriculture for their losses this year via a $12 billion program that President Trump created to offset trade losses. Unfortunately, the payments have been hard to obtain and slow to arrive, leaving many farmers short on cash after this harvest. There had been hopes for a second round of bailouts, but that is looking increasingly unlikely.
Ahead of the Thanksgiving holiday, December corn futures traded near a two-month low at $3.62 per bushel, while January soybeans fetched $8.83.