Corn, soybean yields see record numbers while prices drop to double-digit losses

ILLINOIS (WCIA) — The outlook for this year’s harvest season is good in some regards but shaping up to be rough in others.

The USDA predicts record amounts of corn and soybean yields this season — for corn, a 9% increase from last year to 227 bushels an acre. And for soybeans, a 5%  jump to more than 70 bushels an acre.

However, prices have dropped to double-digit losses.

“Prices are a lot lower than where we were to start, and the increase in yield makes up for some of that price decline, but not entirely,” said Greg Johnson of Total Grain Marketing. “So farmers are looking at a very tight year this year. We’ve had very good years in the past, but this is going to be a very tight year for farmers. It’s going to be tough to make money this year.”

The exact numbers come out to a 22% drop for corn prices and a 23% drop in soybean prices compared to last year.

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