||A bumper crop that may disappoint
OZARK COMMUNITY, Miss. (WTVA) — Lifelong farmer Phillip Martin works some 2,000 acres of land in Itawamba County.
He's expecting a good crop this year, but the payoff won't be a big one.
"Prices are off a good bit from what they were last year, so we have to keep that in mind for what our margin will be at the end," said Marlin.
This year, his profit may be up to $200 fewer per acre than last year depending on yields.
"What happens in the Midwest affects us right here," added Marlin.
Soybeans are doing well in the Midwest. That means there will be many more soybeans on the market. A bumper crop in Mississippi-and it's starting to look like one-is not necessarily a good thing.
This year, soybeans prices are estimated to be $5 less per bushel than last year.
The big gamble may not pay off this time around.
"Farming is the only profession that you can do everything exactly right and still go broke," said farmer John Bishop.
"It's a crap shoot every year. We could go to Tunica and wouldn't have as big a risk as what we're taking putting in a crop," said farmer Tony Campbell.
What could be bad news for farmers may be just the opposite for consumers.
So why would we as consumers really care about the price of soybeans? If there's an overabundance of them, the products that contain soybeans might be a little bit cheaper.
Soybeans are used in many products including breaded chicken and pizza.
"It's consumers. It affects food prices and everything in a grocery store," said MSU Extension Agency Row Specialist Charlie Stokes.
Stokes says the bumper corn crop may come to the rescue.
Even though corn prices are also down as well, quantity may save the day.
Stokes says cheaper corn that is sold for animal feed could bring down beef prices as well.