Created: Tue, 01 Jul 2014 06:00:00 CST
Updated: Tue, 01 Jul 2014 06:13:06 CST
Bad news for some local farmers. Corn and soybean prices plummeted on Monday. This after the US Department of Agriculture released a new report revealing that there's a higher than expected amount of corn and soybeans left over from last year's crop.
This year the Corn Belt received a healthy amount of rain compared to last year and farmers say their yields will be much higher, but farmers say the price of corn is now lower than the cost of production.
"At 4 dollar corn we have to have a bumper crop to make any money...and so anytime it falls below that and were selling the corn less than what it costs to produce its pretty hit it'd be like working all year and not getting a pay check," said Dan Niemeyer, a corn and soybean farmer in Webster County.
Farmers across the country planted around 91 million acres of corn this spring, which is the lowest in the past four years. But the wet conditions this season have analysts predicting that this year's fall corn harvest could surpass last year's.