Red Lake Nation News - Babaamaajimowinan (Telling of news in different places)

USDA cuts estimate of 2020 crop harvest, prices spike for corn and soybeans


January 13, 2021

Last fall's corn harvest in the U.S. was smaller than previously estimated, the USDA said Tuesday. File photo of a Nebraska field ready for harvest in September 2020. (AP Photo/Nati Harnik)

CHICAGO – U.S. soybean and corn supplies in September will be smaller than previously forecast due to a reduced estimate of last fall's harvest, the U.S. Agriculture Department said on Tuesday.

The crop revisions will intensify fears of shortages around the world this year, after governments tried to lock in extra food supplies amid the COVID-19 pandemic that disrupted global supply chains and thinned U.S. stockpiles.

Concerns about tight supplies have pushed Chicago Board of Trade corn, soybean and wheat futures to multiyear peaks in recent weeks. On Tuesday, corn jumped by as much as 5%, while soybeans added nearly 4% and wheat gained almost 5%. The surge took prices to highs not seen since 2014.


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