In what could set a positive trend across the country, the Department of Agriculture is projecting record harvests of corn and soybean crops. Thanks to “ideal� weather in the Midwest, an area wrecked by the worst flooding in 15 years, i

In what could set a positive trend across the country, the Department of Agriculture is projecting record harvests of corn and soybean crops. Thanks to “ideal� weather in the Midwest, an area wrecked by the worst flooding in 15 years, is likely to see an increase in production. The corn crop should be the second largest in the nation’s history, and the soybean harvest could be the 4th largest ever. According to the Department’s report, 12.3 billion bushels of corn will be collected, up 570 bushels from last months forecast. That’s a 17% increase from 2006, but still short of the last year’s record setting 13.1 billion bushels harvested. From there, grain prices could drop, which will not only help consumers, but corn-based ethanol producers, and meat companies. Tyson Foods, the nation’s largest meat company, just reported a 90% decrease profits for the 3rd quarter. The average price for corn is expected to drop to between $4.90 and $5.90 per bushel, down 60 cents from last months forecas

UnCut Video | August 15, 2008