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Last updated on Wednesday, September 19, 2012
(UNDATED) - Prices for corn and soybeans have taken significant hits since Sunday… soybeans posting its lowest percentage drop in more than a year.
Jon Swaner, of myvalley.com reports, farmers across the Midwest are reporting better than expected yields so far this harvest.
Ag experts predicted lower yields because of this summer's drought.
Supplies of corn and beans had been replenished from the summer because of the anticipated low yield.
That has left a low demand for corn and beans, causing corn prices to drop by 45 cents a bushel since Sunday.
Soybeans have dropped by a dollar per bushel.
"Demand has dropped for both corn and beans lately, so they just eliminated their long positions and it just turned into a absolute bloodbath," said Kaye Whitlock of Terre Haute Grain.
The corn mold problem in parts of the Midwest have also adversely affected prices.
What this means for consumer food prices remains to be seen.
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