Economics
Low Prices Hit Farm Belt as Growers Get More Crop, Less Cash
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Prices for the two biggest U.S. crops will fall this year on record corn and soybean production, easing food inflation while providing less cash for growers recovering from drought, the government said.
Corn will plunge 33 percent and soybeans will drop 27 percent, Joe Glauber, the chief economist at the U.S. Department of Agriculture, said yesterday at the agency’s annual outlook forum. Corn inventories before the 2014 harvest will triple from this year’s projected figure, the department said today. The increased supplies mean receipts for the major crops will fall