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Excellent corn crop provides high yields but low prices

AgWeb provided a great graphic showing that the progress of the corn crop this year is the best in ten years but slightly behind the record-setting crop of 2004.  This can be attributed in part to the decrease in drought and excellent climate conditions across the Corn Belt this year as well as planting efforts by corn farmers.

However, the result of this excellent projected yield is that prices have fallen below $4 per bushel, the estimated price at which farmers cannot recoup their costs, according to the Wall Street Journal article here.