Corn is important because it is in so many things that we eat and use everyday! Everything animal feed to the things we eat everyday like cereal have corn in it! Even the pop we drink has corn as one of the ingredients!
The good news is the Department of Agriculture came out with new estimated numbers showing 206 million more bushels of corn in surplus than they previously thought! Everyone was concerned earlier in the season that we would not have enough corn stores, but things are looking up!
This is not only good for farmers who thought their crops were not going to produce as well as they need to, but also to the average person because it will drive prices down for food eventually. There’s about a six month lead time so initially prices might seem a little higher, but eventually they will drop.
Be thankful for the increased numbers in surplus! The price of crops, especially crops like corn, effect us in more ways than we can count! Keep up with the markets, they effect your future and how much money you’re gonna end up spending.