Scarce cash in land of plenty: Farmers adjust to downturn
September 14, 2016
MAXWELL, Iowa (AP, posted Sept. 13, 2016) — Pale green and 8 feet tall, tightly packed corn stalks reach to the horizon throughout the Midwest in what is likely to be the biggest harvest the U.S. has ever seen.
Aside from a sense of pride in breaking the previous record by nearly a billion bushels, farmers won't benefit. They'll lose money on virtually every cob.
It'll be the third consecutive year in which most corn farmers will spend more than they'll earn. The growing has been too good and the resulting glut of corn depressed prices to a decade-low. It's a similar story for soybeans, t...