The value of field crops fell 9.8 percent to
Corn and soybean harvests declined during the drought of 2012, driving prices to record highs and increasing the value of field crops. But in 2013, an abundance of grain — owing to the record 13.9 billion bushels of corn and third-largest soybean crop — sent prices downward.
For example, the average price of corn in 2012 was
While corn prices are expected to remain lower, there is some debate about whether prices will be as low as some are predicting.
"Some people are making an argument for some very low corn prices and they may be too bearish about where we're going on prices," he said. Corn closed Friday at
Lower prices tend to stabilize meat prices because corn and soybeans are staple livestock feed ingredients. Otherwise, the impact on food prices is minimal because the commodities make up a small portion of the retail price.
The crop values report also had state-by-state breakdowns of crop values and ranked the nation's top five states:
The report indicated the value of
The value of
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