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Bumper crop of Ohio corn drives down prices

Jul. 28, 2014 @ 09:31 AM

DAYTON, Ohio — Ohio's bumper crop of corn this year means lower prices for shoppers.

The high corn yields from this year and last year are forcing a drop in prices not seen in the past five years.

John Miyares, a statistician with the National Agricultural Statistics Service's Great Lakes Regional Field Office, tells The Dayton Daily News that per-bushel corn prices have dropped 38 percent since last July.

The $4.37-per-bushel price last week was the lowest in five years.

Nationally, corn has the potential to reach 2003's record of nearly 14 billion bushels, the U.S. Department of Agriculture said in its mid-year report.

Miyares says prices of other crops have fallen sharply as well, with soybeans trading at near 2½-year lows and wheat at near four-year lows.

 

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