Nebraska farmers are starting to put their combines to good use but some are hitting the fields with mixed emotions. U-S Department of Agriculture statistics shows a projected 4.3 bushel-per-acre increase in corn with an average of 171 bushels per acre. Soybeans should average 46.6 bushels per acre. Chief Economist Joe Glauber says this much grain means only one thing – lower prices.
Glauber says corn prices have been falling all summer and the latest projection shows another 21% decrease in prices this next marketing year for corn. Soybean prices are expected to drop 23%.
The estimated corn yield for corn now is estimated at nearly 14.4 billion bushels and 3.9 billion bushels for soybeans. Glauber says that much grain at one time will cause problems. He says that will put a lot of pressure on storage facilities as well as continued transportation problems as they have already seen in the Northern Plains. Glauber says the market for corn remains strong thanks to ethanol demand and exports.