Even With a Strong Crop This Year, U.S. Farmers Are Suffering
Following a growing season last year filled with battering rainfall and bitter trade wars, U.S. farmers hoped 2020 would provide them an opportunity to make up some ground. Instead, the situation has grown worse for many as prices remain depressed.
Despite a wind storm tearing through Midwestern farms last week and drought conditions in isolated areas, a bumper crop of both corn and soybeans is still expected this year.
“Overall, the trade seems to be coming to the conclusion that...there is still going to be an oversupply of corn in the U.S. and the world,” said Tomm Pfitzenmaier, an analyst with Des Moines, Iowa-based Summit Commodity Brokerage, in a research note Friday....