US Farmers Lament Missing Price Peak as Corn Glut Slams Rural Economy
• US farmers regret not selling more corn when prices were high in 2022; prices have since collapsed leaving them with record amounts in storage • The sharp drop in corn prices is hurting the US rural economy after two years of high prices • Massive harvests domestically and abroad plus limited demand have created a global corn glut • Farmers missed chances to lock in profits at $5.50-$6.20 per bushel; corn now trades around $4.10 • Lower income is forcing farmers to cut costs, plant less corn, and delay upgrades to equipment