Corn prices dropped under $3.50 per bushel on Friday, the lowest level in over a month. Corn slid as a national crop tour projected a large corn harvest, helped along by much-needed rains during August. The heavy harvest and ongoing trade disputes have been weighing on the market, which lost nearly 70 cents per bushel since mid-May.
Corn farmers are preparing themselves for further disappointment as they await the announcement of the $12 billion bailout for farmers affected by the trade wars. Details of the plan are expected on Monday, but current expectations are for the bailout package to heavily favor soybean producers, who may receive $1.65 per bushel, while corn growers may get a measly 1 cent per bushel in support.
While many farmers produce both crops, those that primarily grow corn will be disappointed by the lack of aid. As one of our farmers lamented to us Friday morning, “One cent per bushel? That ain’t enough to fix a check for!”