What goes up, goes down. Of all people, farmers of all stripes know this fact of life.You knew it was bound to happen. For two years, farmers have watched with amazement while corn and then soybean and wheat futures rose into uncharted territory as short crops and ethanol demand fueled wild speculation in the commodity markets.
All the while, veteran growers knew those prices could go down just as fast or maybe even faster than they went up. Thus, the declines in corn, soybean and wheat futures of recent weeks weren’t a big a surprise to anyone who’s been farming more than a few years.
Since June, corn, soybeans and wheat contracts have lost nearly half their value. December 2008 corn futures, which traded at $8 in June, closed at $3.84 on Oct. 16. November 2008 soybeans have fallen from $16 in June to $8.67 while December 2008 soft red winter wheat dropped from $10 to $5.55 per bushel.Read the rest of the article here, at Delta Farm Press.
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