Iowa – Despite weather challenges, the latest U-S-D-A crop report shows farmers planted more acres than expected this year and corn and soybean harvests may end up being larger than earlier predictions. Still, Iowa Farm Bureau Federation economist Sam Funk says it’s too early to know just how well the corn planted late in the spring due to cold, rainy conditions will actually do at harvest time.
The U-S-D-A’s August report, released on Monday, did not have good news on the demand side. Exports are expected to remain down and so is the amount of corn used for ethanol. Iowa State University ag economist Chad Hart says China is buying far fewer U-S soybeans than it used to, while Brazil and other South American countries are stepping in to fill the void.
That could translate to a long-term loss for American farmers, many of whom are already struggling financially.