U.S. corn farmers are facing steep losses this year as prices collapse to the lowest in more than a decade after they had purchased seeds and fertilizers and started planting the second-biggest crop since the Great Depression, reports Reuters.
At the same time, demand for corn in the world’s largest producer has plummeted with the collapse of the biofuel market, normally the destination of over a third of U.S. corn, as residents stay home during the coronavirus pandemic.
Chicago Board of Trade December corn futures, which track the crop that growers will harvest this fall, have fallen about 17% so far this year.
