Gotta put the corn whiskey away.
Check it out:
After more than six years of unprecedented boom in the U.S. farm economy driven by a government-backed drive for biofuels, record low interest rates and rising food exports, American grain farmers and their bankers are bracing for change.
U.S. farmers have just finished harvesting their largest corn crop in history – taking the steam out of a long bull market. Earlier this month the Obama administration also signaled that renewable fuels were losing political favor as the Environmental Protection Agency proposed cutting the amount of corn-based ethanol oil refiners must blend into U.S. fuel supplies.
The EPA news sent the corn market to its lowest in 3 years, with prices trading near $4 a bushel on the Chicago Board of Trade, compared with record levels above $8 in the summer of 2012 in the midst of the historic Midwest drought. Soybeans, wheat and other crops have eased from a year ago, along with corn, the grain bellwether, with almost 100 million acres planted in the United States, the world’s largest corn grower and exporter.