After droughts, world grain markets are closely watching corn, soybean crops
Last week’s annual Pro Farmer Midwest Crop Tour provided a detailed analysis on the likely outcome for 2012’s U.S. corn and soybean harvest. Given the drought and record-high corn and soybean futures prices, the world grain markets are paying extra close attention to the tour.
“Clearly, 2012 is shaping up to be an enormously painful year for most Midwest growers,” reports Chip Flory, Pro Farmer editor and founder of the crop tour. “We’re getting wild variations in reports from our members—everything from an ‘okay crop’ to ‘corn only 2-feet tall’ to ‘field’s a total loss–plowed under.’ The task of Crop Tour will be to peg numbers to these conditions.”