Corn Prices Rise as Crops Under Water

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Corn Prices Rise as Crops Under Water

By Alden Downing

Story Published: Jun 16, 2008 at 6:05 PM MST

Story Updated: Jun 16, 2008 at 6:05 PM MST

HELENA - With the corn capitol of the nation under water crops are in a state of limbo until the floods recede and farmers access the damage. Since the floods in the Midwest hit prices per bushel have already increased by 20%.

With over 1 million acres of corn already estimated to have been lost corn per bushel is expected to go exceed $7. "Our national price is at $5.12 and that's the April price," explained Peggy Stringer, Director for the USDA Agriculture Statistics. "And so it's just continuing to go up. And if you look at the flooding in the Midwest, Iowa and areas, we're looking at conditions that are going to increase that price a little bit more for corn."

Montana makes up less than 1% of corn crops across the nation and will not be make up for much of the loss in the Midwest. Historically, one quarter of the state's corn production has gone to grain and three quarters to silage. But now statistics estimate that half of Montana's 78,000 acres of corn crops will be going toward grain as it has now become much more lucrative.

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