Strong crops lead to drop in corn prices
Corn has dropped 20 percent in the last month, thanks to a drop in oil prices and favorable growing conditions in the U.S. Corn Belt, according to AP reports.
Prices had hovered around $8 a bushel in June after flooding in the Midwest ruined many corn crops. Experts now believe that corn could produce a yield of 150 bushels per acre, which reports call “respectable.” December corn prices dropped to $6.03 a bushel on the Chicago Board of Trade, the lowest prices since May 29, before ending the day at $6.08. Soybeans and wheat also dropped in price.
The price drop should bring some relief to consumers, who were facing increases in the cost of meat, eggs, soda and other products that use corn if the price had remained at the $8-per-bushel level.