Another day of extreme August heat has meant a boost to the price of most crops this month.
Bob Lebacken, RML Trading: "Beans have gone up about $2.30 in the recent 3, 4 weeks. Corn has gone up about $.50. Wheat has sagged behind with only maybe 10 t0 15-cents higher."
Now, despite an up tick in corn and soybean prices during our hot August weather, overall prices have taken a major hit, since last year at this time.
Bob Lebacken: "Soybeans were about $3.50 higher. Corn was about $3.50 higher and wheat was about $2.00 higher. So, even with the recent weather concerns, we're well off the highs from last year at this time."
Lebacken says great prices last year meant the world planted more of everything…. driving down prices this year.
It remains to be seen what our weather, and the possibility of more rain, means for the rest of our growing season and market prices.
Now you may not have noticed it, but the overall drop in crop prices has meant a small drop in prices at the grocery store. According to government statistics, the food price index dropped 3-point-3-percent at the end of July, compared to last year.