PEORIA (WEEK)- There has already been a 10% increase in corn and soybean prices because of the recent drought, and because of Iowa's windstorm back in August.
"Unfortunately, for Iowa farmers the storm hit, but it will benefit the other farmers that do have a crop to harvest, because of the increase in corn and soybean prices, with less supply that we are going to have," said Peoria County Farm Bureau Manager, Patrick Kirchhofer.
Western Iowa is currently in an extreme drought. This, on top of August's derecho, led to the loss of millions of acres of crops.
"They had a dry August just like Illinois did. With Iowa and Illinois both being the top producing states in corn and soybeans, it's going to have an impact on our overall production this year in both our commodities. That's why we're seeing an uptake in prices in the last month," said Kirchhofer.
Farmers have been struggling since April.
"We had a very busy start this season. We were a little delayed with rain. We had ideal conditions for the first two thirds of the summer, had some really good hay, some good second cutting hay. Then the rain quit coming," said Fulton County Farm Bureau Manager, Barry Fisher.
Harvesting starts mid-September, so the recent rain did not help. Prices run the risk of increasing even further if national yields fall below average.
The Link LonkSeptember 10, 2020 at 04:44AM
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Recent drought has led to an uptake in corn and soybean prices - week.com
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