DES MOINES, Iowa (AP) — Farm field surveys reflecting excellent spring planting conditions and favorable summer weather have prompted the U.S. Department of Agriculture to boost harvest expectations for corn and soybeans to record highs.
Ten states are expected to set new bushels-per-acre corn yields, including top U.S. producers Iowa, Illinois and Nebraska.
The USDA’s report Friday says overall, farmers are expected to harvest 15.2 billion bushels of corn — a billion more than 2014’s record 14.2 billion.
A record soybean crop of 4.06 billion bushels also is expected, beating 3.9 billion bushels last year.
Most Read Business Stories
- Human spaceflight in the hands of billionaires is no 'giant leap'
- After watching decades of gentrification, Central District church calls on Seattle to return land
- Amazon pledges to investigate discrimination complaints after employee petition
- America’s taste for hard seltzer is suddenly starting to wane
- IRS records show wealthiest Americans, including Bezos and Musk, paid little in income taxes, report says
But with a huge harvest comes a big problem: There’ll be the most grain in nearly 30 years to store.
That’s likely to push prices lower, which will make it harder for farmers who rent land to make a profit. It’ll also make for cheaper livestock feed.