Marion County’s corn crop could show $11 million less in revenues this year compared to last, with soybeans showing a potential $2.5 million revenue drop in the same time period. That’s according to Leslie Miller, vice president and Ag and Loan Officer for Iowa State Savings Bank in Knoxville. She says the projections—taken from acreage estimates from the Farm Service Agency factored with prices from this and last year—reflect the sagging economy and lowered demand for crops.
However Miller says there are steps farmers can take to lessen the sting, such as putting off non-essential machine purchases until next year, shopping around for the best seed and fertilizer prices, and attend local marketing classes later this year. Local corn was trading around $2.78 per bushel on Thursday.
David Greving, Vice President at Marion County Bank in Pella says the current grain prices don’t necessarily mean that this year’s crop is an automatic loss. Greving says some farmers were able to lock in prices early in the spring to ensure a good rate, while other farmers can always harvest and store their grain in hopes of prices increasing in the late winter and early spring.