MORSE BLUFF, Neb. (KMTV) — A potential bumper crop of corn has farmers a little worried this year. Veteran farmer Dan Wesley says his industry needs to find more markets for their product.
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Wesley has been farming since 1978 and serves on the board of the National Corn Growers Association. He explained that the anticipated high yield might not be such good news for farmers.
"Just more supply and we need the demand. That's what we've been lacking the last few years; new trade agreements or new places to go with our product," Wesley said.
Basically, Midwestern farmers are producing more corn than can be used in the United States, so they have to export it or find new markets like year-round E15 ethanol.
"And the problem is, is that usage is at record levels as well. So, it's hard to ask folks to use more when they're already using the most they ever have," said Chad Hart, an Iowa State University agricultural economist.
Hart noted the dramatic price changes in recent years.
"You know if you go back three years ago we'd be talking about $6 corn prices. Now, we're talking about threes and fours," Hart said.
Adding to farmers' concerns are high input costs such as fertilizer and machinery. Wesley hopes international trade negotiations can result in more export opportunities to Africa and Asia.
"Mexico is a huge trade partner and we need to keep good relations with them," Wesley said.
Hart said U.S. corn is selling as well as it ever has internationally, but challenges remain.
"The challenge will be, this is all happening in the middle of this tariff uncertainty," Hart said.
It's still a several weeks until harvest, and recent wet weather means diseases could reduce yields but, at the same time, improve the price per bushel.
"There's a lot all of us don't know yet. We're still several weeks away from bringing this crop in at harvest," Wesley said.
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