Corn farmers being paid less due to abundant crop

The U.S. Department of Agriculture (USDA) released a report this week stating the national projected average for corn crop this month rose while the price paid to farmers decreased 15 cents.

The 2015 national average yield for corn is estimated to be the second highest on record, as corn prices are expected to be lower this year and estimates for ethanol use and exports have also decreased. 

“With the corn harvest nearly complete, we see clearly the incredible abundance American farmers can produce, but we also realize that this excellence does not always bring an equivalent economic reward,” National Corn Growers Association (NCGA) Chairman Martin Barbre, a farmer from Illinois, said. “While we have sustainably produced a crop that can feed and fuel our growing world, market forces are negatively impacting the price which we will be paid. It is of the utmost importance that, during times such as these, we rededicate ourselves to NCGA’s ongoing efforts to stimulate demand for our growing crop.”

Increases in production rose by 99 million bushels to 13.6 billion and increases were spread throughout the Midwest, with Iowa leading the way with a six bushel-per-acre yield increase. Minnesota, North Dakota and South Dakota also saw large increases.

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