commodity prices

Amy Mayer/Harvest Public Media

Across the Corn Belt, farmers are signing up for Farm Bill support programs and which ones they choose will impact the overall price tag for taxpayers.

Projections for the cost of these commodity programs are blowing past the amounts originally budgeted just a year ago, when the Farm Bill was enacted, leaving the possibility that U.S. taxpayers will pay out billions more than planned.

Yields are expected to be as good as last year, but commodity crop prices will make it a hard season to survive.

Grant Gerlock, NET News/Harvest Public Media

Nebraska Farmers are bringing in what’s expected to be a record-breaking harvest for both corn and soybeans. But all that productivity has a big financial downside. Only two years after peaking, grain prices are at their lowest level since 2009.

United Soybean Board/Flickr

Farmers’ can anticipate a sharp drop in income this year, according to a new report from the U.S. Department of Agriculture.

In fact, the USDA predicts the $113 billion earned in 2014 will be the lowest amount of net farm income in five years. That’s equal to about a 14 percent fall from last year’s record amount, thanks mostly to a massive drop in crop prices.

www2.dupont.com

On a clear fall day in central Iowa, Aaron Lehman climbed into the cab of his green combine with a screwdriver to do some maintenance. He was hoping his corn had a couple more weeks to grow before harvesting because the price per bushel this fall is much lower than it has been for the past three years.

Corn farmers have been riding high prices for the last few years. But an expected bumper crop has prices falling this harvest season, and many economists expect the price of corn to drop to its lowest level in recent years.