Illinois had its third best year ever for corn and soybeans – 2.1 billion bushels for corn and 462 million bushels for soybeans, according to data released today (Friday) by the USDA. It's not all good news, says Illinois Corn Growers Association executive director Rod Weinzierl, because of Economics 101 – supply and demand. He says the oversupply has pushed corn prices down 40 percent.
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“We started the year a little bit late,” says Weinzierl. “We had not as much rain as we would have liked, but we had good subsoil moisture going into this planting season. Our genetics just keep improving each and every year.” Weinzierl says the export market will take a few years to catch up with things. He adds this week’s snow will help the soil moisture as 2014 begins.