FILE PHOTO: Jeff Gormong stands in a corn field on his farm near Terre Haute, Indiana, U.S. October 29, 2019. REUTERS/Bryan Woolston/File PhotoU.S. corn farmers are facing steep losses this year as prices collapse to the lowest in more than a decade after they had purchased seeds and fertilizers and started planting the second-biggest crop since the Great Depression. The mountain of corn will likely drag on the rural economy even as farmers seed their crops next spring. “All farmers raising corn will be in the red.”Seeding corn in Allen County, Indiana, where Hadley farms, will cost about $606 per acre, based on crop budgets and land rent estimates calculated by Purdue University. That is up 132 million bushels from the government’s April outlook.

Source: Irish Independent May 13, 2020 06:00 UTC