All summer, the nation’s corn prices peaked below the break-even point…now Northwest of Emmett, ID corn farmer Terry Walton harvests this year's crop with renewed hope.
“As soon as we got to where we were comfortable, we contracted a bunch at $3.55 on the futures, just because we were a bit uncomfortable for what it had in store, earlier in the summer we saw $3.70 pushing $3.80,” added Walton.
Earlier this summer corn bottomed out at $3.32/bushel. In Chicago it's holding steady at 3.66. May Corn futures now trading at $3.81. Things definitely looking up.
“Well the market this year has had some scary moments, It got down to $3.20 on the futures which is way below my break-even point, and I never thought that farming for negative dollars is all that fun, farming for free is not a whole lot of fun, much less losing money every day,” said Walton.
Everyone harvesting corn right now is not only watching the commodities market but the feeder market as well.
“Still be able to turn a profit because, with the cattle prices not being the best either, or at least they’re locked into feeding them cause they’re still buying our corn. And that’s good