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Watch onMAPLE PARK, Illinois - After a dry spring threatened to wither the U.S. corn crop in the fields, farmers are harvesting what will likely be the country's third-largest crop ever.
"But the timing of the rain, better genetics and better planting equipment set us up for success," Pitstick said during a rain delay in his harvest after more than two straight weeks of work."It is surprisingly good." Already corn prices are trending near three-year lows at a time when some food prices are rising due to tight supplies of other staples like rice, stoking inflation worries.
"I think we are kind of in a headwind for corn for a couple of years," said Stephen Nicholson, global strategist for grains and oilseeds at Rabobank. Corn buyers will benefit. The U.S. chicken industry will spend less on corn for poultry feed after years of poor margins and closing plants. Pitstick, who devotes about half his acreage to corn, said he plans to store all the grain he has not already committed to sell. In the past 10 years, he has tripled his storage capacity to about 500,000 bushels.Still, rising interest rates make storing grain a more expensive and risky proposition. Some growers need to take out loans to fund their operations as they wait and hope corn prices will rise.
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