Illinois corn growers are anxious these days — both the good, excited kind of anxiety and the worried type.
While many sectors of the U.S. economy are struggling to recover from the Great Recession, farming has fared well. Income for farmers has soared recently and is forecast to rise nearly 20 percent on average this year nationwide, according to the Chicago Tribune.
And for corn farmers, in particular, commodity prices have continued to rise, having more than doubled in the past year and hitting an all-time high in April. Some Illinois corn growers are viewing their 2011 crop as one of the best income opportunities in their lifetimes.
"On an aggregate level, income could break records this year," said David DeGennaro, a legislative analyst with the Environmental Working Group. "It's a very good time in farm country right now."
Yet anxiety down on the farm stems from the casino-like choice of guessing when to jump in and sell the anticipated 2011 corn crop, without leaving money on the table. Farmers across Illinois are asking themselves, "How much of the upcoming harvest should I contract to sell and at what price?" Some corn farmers are already regretting sales they made at prices lower than today's.
Source: Chicago Tribune