AGRICULTURE SECRETARY, DEPUTY AND FSA DISCUSS CONSERVATION RESERVE PROGRAM (CRP) DECISION
The price of E85 dropped $0.04/gallon since yesterday. How much do you want to bet Kellogg's isn't lowering the price of your corn flakes.Despite the damage and disruption caused by the very severe floods that hit the Midwest last month, the indications so far are that the impact on this year's corn and soybean crops will be less than what was originally feared. The markets have been reacting favorably to the good growing weather we have been experiencing in recent weeks and encouraging reports on crop conditions. Cash prices for corn are down 25 percent and for soybeans 14 percent from their record highs just last month.
Even with the damage and delays in planting caused by the floods, this year's corn crop is on track to be the second largest on record with an anticipated harvest of almost 79 million acres. The strength of the commitment America's farmers have made to meeting the nation's need for corn for food, feed and fuel has reassured the markets that there will be an adequate supply available this year.