Pro Farmer scouts have finished their run of 1700 sample sites in 7 Midwest states and the results on the corn yield are troubling. The heatwaves this summer have caused drought stress in much of the corn crop with some of the lowest per ear weight some scouts have seen in their tours.
This was a completely predictable outcome as diesel and fertilizer prices went sky high some farmers decided it was not worth the cost of the harvest. This isn’t purely environmental factors at play. This will mean higher food prices (corn, processed foods, livestock) and higher gas prices. Futures traders are already reacting to the news.
Gasoline still remained down due to macro oil demand woes.
