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In America, which has experienced the worst drought in recent years, some farmers started harvesting corn early. According to the news of Kane Farabaugh from the Voice of America, the problem seen in corn production reduces farmers' profit shares and causes an increase in global corn prices.
TAYLORVILLE, ILLINOIS - Farmer Bruce Nation is deeply sad when he looks at the cornfields in Taylorville.
Bruce Nation: "What I see here is a hard-to-look, depressing sight."
Corn growing in the fields of Nation was also far below normal corn sizes due to drought. Small corn means less sales and therefore lower profit.
Bruce Nation: “This corn cob has a maximum of 30 corn grains.”
Another risk faced by hedges is that the prices of seeds and fertilizers are constantly rising.
Bruce Nation: “Our fate depends on mother's mercy of nature. Others ask why I am not gambling. Actually, I gamble every day. This is how you do if you are farming. ”
Nation is watching this gambler more closely while in the corn fields he harvested earlier this year. Thanks to the internet connection on its tractor, it is able to keep up with constantly changing prices of corn and soybeans.
Bruce Nation: “I watch the prices every day. I have a consultant who helps me with marketing, and he is following. ”
Employees at the Chicago Commodity Exchange closely monitor rapidly changing prices. Matthew Pierce from GrainAnalyst.Com is one of them.
Matthew Pierce: “This year's drought concern has increased exponentially as harvest time approaches. Some of the harvest figures we got showed much more damage than the estimates a month ago. ”
Pierce points out that the situation worsens every day in corn and soybeans, and this has global implications.
Matthew Pierce said, “America's export potential is decreasing every day. The countries that will be most affected by this are China, South Korea and Mexico.
Bruce Nation: "Corn and soybean prices have reached record levels and this will harm everyone in the long run."
Nation says supermarkets in its neighborhood will also increase prices in six months.
Next are soybeans. If nature helps, Bruce Nation maybe wins this gamble.