Farmers are bringing in corn harvests as fast as possible. The trend will not help overall supply, except in the early part of the season. The shift in harvest time, therefore, will not undercut high food prices at all over the next several months.
Reuters reports:
Four percent of the crop, which has been devastated by the worst drought in half a century, was harvested as of Sunday, according to the U.S. Department of Agriculture’s weekly crop progress report. The report was released after Monday’s grain markets, which were sharply higher, had closed.
The harvest estimate was the first of the year and earliest on record. It beat the previous record, set most recently in 2010, by two weeks.
It could be that farmers just want to stay out of the blazing August sun
Douglas A. McIntyre
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