With temperatures on the rise and summer merely days away, ideal spring weather for farmers has boosted the growth of corn, which is used in the production of ethanol. As a result, corn prices are dropping.
Last year proved to be good year for corn production as ideal weather favored both corn planting and growth.
Following a major drought two years ago, farmers sought to plant more crop to make up for lost profit and as a result, the country's major corn-growing states planted nearly 91 percent of the total corn acreage last year and this season, according to Agweb.
As favorable weather conditions unfolded this spring across the Corn Belt, with moderate warmth and consistent rains, nearly 92 percent of the corn planted has already emerged and more than half that crop has been classified in good condition as of June 8, according to the site.
Due to the amount of good corn crop that has already surfaced, and if the weather proceeds to cooperate, prices may drop even more.
"If the weather continues to be good through late July, then it will be really hard to mess up a very good crop," AccuWeather Senior Meteorologist Dale Mohler said.
With strong thunderstorms expected to take shape across the Midwest and Ohio valleys, the Corn Belt is on target to produce ample amounts of corn this summer.
"There is a very high potential for a record crop this year," Mohler said.
Since it is likely to become the second year in a row of good crop, leftover stocks may pile up which will further reduce the cost of corn as farmers try to get rid of excess crop.
"It doesn't appear that there will be a huge demand and when you get too much supply and little demand, the price drops," Mohler said.
Used to make agricultural feed, ethanol and corn-based products, corns prices are currently hovering between $4.45 to $4.65 per bushel, but are projected to drop nearly 10 cents a bushel on average for the 2014/2015 season, according to the USDA. The projected range for this season is expected to be $3.85 to $4.55.
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