Pro Farmer promises nothing to scouts on its annual Midwest Crop Tour but hard work, long days and the chance to get really dirty. For most, it does not sound like the best way to spend a week in mid-August.
If you’re planning on coming on next year’s Pro Farmer Midwest Crop Tour, better start stocking up on supplies now. It takes a lot of equipment to measure a few ears of corn and count soybean pods. Scouts on the annual tour must be ready for nearly anything when they head into fields to gather data for estimates of this year’s corn and soybean harvest.
Another food price spike could be on the horizon, analysts told Reuters.
Consider these factors:
* Grain prices, led by soybeans, have been up since March.
* South America’s crop is expected to be a disappointment. Crops in both Brazil and Argentina have a poor outlook. In fact, the U.S. Agriculture Department steadily lowered its forecast for Argentina’s soybean crop throughout the year.
U.S. farmers could set a record for soybean plantings this year, topping 2008’s 75.7 million acres. The Agriculture Department will release its initial projection of seedings later this week. Some economists see plantings of 79 million acres (32.9 million ha) given that market prices and production costs currently favor soybeans.