Iowa farmer Caleb Hamer grabbed his phone and dialed a local corn buyer this week, eager to sell his grain as prices climbed to their highest level in more than a year.
Farmers across the Midwest have boosted crop sales as corn and soybean futures spiked after the U.S. Department of Agriculture slashed its 2024 harvest estimates on Friday, grain dealers in Iowa, Illinois, Indiana, and Nebraska said. Corn prices are now up about 10% over the past month.
The surge came after prices hit 2020 lows last year due to oversupply, which eroded farmers’ incomes and hit the rural economy hard.
