With the USDA predicting an average corn yield of 173.4 bpa and 51.4 bpa for soybeans this fall, some farmers in North Dakota, South Dakota, and Minnesota are wishing they have more bin spacing.
At the AgDay Agribusiness desk, Tommy Grisafi of Advance Trading, Inc. said farmers across the country are trying to rent baggers because the elevator system is full.
“I have customers who have bins and some years we don’t use them,” said Grisafi. “That’s a great thing.”
However, this year there’s carry in the corn because of the mighty yield. Some elevators might say if the grain is stored for six months, they could pay 25 cents, which is where a bin comes into play.
This storage ability does come with a risk. Grisafi said he’s seen some farmers put corn worth $6 or $7 per bushel stored in bins and when it’s sold a year later, the cost has decreased to $4 per bushel.
Will the carry hold? Watch Grisafi on AgDay above.