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Corn: Good Prices But Lower Yields

Posted by Steve Rogers | July 23, 2012 / 07:52am | Local News, Business
By The Associated Press
COLUMBUS -- Agriculture experts say Mississippi corn growers can expect high prices for their corn due a severe drought hurting fields in the Midwest.

The Commercial Dispatch reports corn futures traded at record highs on Friday due to the devastating drought in the Midwest. The previous record high per bushel was $7.99 last June. On Thursday the Chicago Board of Trade saw futures for the September delivery traded over $8.

Mississippi too has seen a heat wave and a lack of rainfall in June, but the state's corn crop will likely fare much better than the national average, according to John Riley, an assistant extension professor at Mississippi State University.

"For the most part Mississippi producers are not faring near as poorly as those in the Midwest," he said.

Prior to the drought in the Midwest the trend yield, or the average yield expected nationally per acre, was 166 bushels, but now the estimate sits at 146 bushels an acre.

"There have definitely been years similar to this, but those years are few and far between," he said.

He said Mississippi farmers can expect high prices for their crops.

Still, it's not all good news for Mississippi farmers.

MSU corn specialist Erick Larson said the state has experienced harsh conditions and that affect harvests here.

"It will definitely affect the productivity of the corn crop," Larson said.
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