Staff writer
Wheat is selling for $8.49 a bushel, milo is $6.94, corn is $7.28, and soybeans $16.29 per bushel on the worldwide commodities market, Grain Coordinator Dick Tippin of Hillsboro Cooperative and Grain supply reported Thursday.
Tippin said these are good prices driven by a continuing demand. There were drought conditions worldwide with the Russian and Ukraine wheat production being affected. He expects prices will continue to stay high unless the economy of China and other large countries falters.
However, Marion County producers will not experience a boon because they are bringing in fewer bushels per acre than were previously projected. Tippin used corn as an example. Originally, producers were predicted to bring in 150 bushels per acre, the U.S. average is 100 to 120. The Marion County figure is closer to 50 to 100 bushels per acre.
Soybeans have fared much better. Tippin said beans are podding after recent rains. The yields should be closer to those predicted, but still lower. Tippin expects many producers will file insurance claims for corn and soybeans this year.
For some producers it will be the second year in a row to file claims. Tippin said the effect of this is the insurance payments may decrease over time because they are figured using base yield averaged per acre.