The U.S. Department of Agriculture distributed a planning report that indicated farmers will plant the largest corn and soybean crop in history.
The plan shows more than 100 million acres will be planted and the report already has affected crop prices
Extension Educator, Mark Mechling said, "But the price of corn and soybean, which have been historically high the past couple of months, have really tumbled the past couple days. So that has some implications for farmers as we head towards the 2013 planting season "
One possible explanation for the massive increase, is last years drought, and farmers are making up for the lost income. However, with more supply, there will be less demand and prices will decrease. Which is great for consumers but bad for farmers.
"However as a result of all those crops being planted, it is anticipated that the price of corn and soybeans will drop pretty significantly this fall so that’s the bad side of it for the crop farmers; is that the prices will probably be less this fall"
Mechling points out this is only a plan and that although farmers tend to be optimists, mother nature could have a plan of her own.