Economist pegs 2013 MYA price for corn near $6 per bushel - Current Chicago Mercantile Exchange (CME) futures prices suggest that market year average (MYA) corn prices for 2013 will be near $6.00 per bushel.
Food prices are expected to surge after the worst drought in the U.S. for half a century destroyed one-sixth of the country's expected corn crop over the past month. The hottest July in U.S. history has caused irreparable damage to crops, forcing corn farmers to abandon fields greater in area than Belgium and Luxembourg. Soyabeans, which are used for animal feed and to make vegetable oil, have also been affected, with this harvest likely to be the worst for five years.
US food prices SOAR, Obama does NOTHING, as worst U.S. drought for half a century forces corn farmers to abandon fields the size of Belgium and Luxembourg. Over 30% of corn crop goes to making "Green Energy", despite fact that other types of crops produce a much higher amount of sugar need to produce the alcohol added to gas to reduce green house gases. Lower middle class, working poor, and seniors suffer as they decide either to freeze or eat this winter.
Since mid-November, China has turned away 1.45 million metric tons of U.S. corn because of the presence of unapproved Syngenta GMO varieties. The rejections have depressed U.S. corn prices by an estimated 11 cents per bushel, accounting for projected losses of $1.14 billion for U.S. corn farmers for the last nine months of the marketing year that ends on August 31. http://www.rawstory.com/rs/2014/04/17/chinas-ban-on-gmo-corn-costs-us-up-to-2-9-billion-grain-association-says/
"“We saw how price spikes caused by this government mandate impacts turkey growers when corn prices reached almost $8 per bushel: U.S. turkey production declined by 9 percent, resulting in loss of rural jobs.”
Once combines are shedded for fall 2014, it's likely that corn growers will turn to pencil and paper to begin calculating how they can bring home a profit in 2015. Current expert projections are that 2015 corn will cost some $4.50 per bushel to grow and today's price projection for 2015 corn commodities is near $4.00 per bushel. Read more on Producer's website!
$5.50-per-bushel corn possible if yield normalizes in 2013 - A return to more normal U.S. corn yields in 2013 could send new-crop prices spiraling downward, but persistent drought in some of the nation’s top corn-producing states could have the opposite effect, says Purdue Extension agricultural economist Chris Hurt.