“The yield in 2013 is likely to be compromised by the delayed planting and possibly by the cool and wet soil conditions experienced early in the growing season.
“An early frost would be detrimental.”
DeWitt-area farmer Joe Dierickx has another concern:
“Maybe the biggest development is the fact that corn and soybeans will be imported to the Midwest from South America and eastern Europe.
That announcement caused corn prices to plummet more than $1.22 per bushel, and soybeans dropped $2.40 per bushel.
“This is significant, as the fall prices will not support some of the high rents people might be paying.”
Dierickx was referring to an announcement by Smithfield Foods, Inc., the world’s largest pork producer, that it will import corn from Brazil. A Wall Street Journal article on July 24, 2012, said, “The worst drought in decades battered the U.S. corn belt, leading to tight supplies and sharply higher prices.
“Analysts say it is unusual for a U.S. livestock producer to import supplies from South America, although it could be cheaper to buy and ship corn from there to the eastern U.S. than to get it by rail from the Midwest.”