After last year’s crushing drought, wetter weather is helping crops recover, and prices are dropping.
US corn yields are up, according to IHS, Inc., a company that publishes stock market industry data. The company expects corn and soybean prices to drop by 10 percent in the third-quarter of this year.
Brett Moline of the Wyoming Farm Bureau says that means it’s cheaper for feed lots to finish more cattle, which is good news for cattle ranchers.
“Prices are very good for feeder cattle and for calves that are gonna get weaned here this fall. And then for the yearlings, the prices are very good,” Moline says. “And part of that is influenced by the dropping in the corn prices.”
During recent droughts, many producers across the country – especially in Texas – had to sell off their herds, so cattle inventory is down nationwide.
“Wyoming’s is probably down, but the people that do have cattle, they’re gonna reap a very good price this year.”
Moline says Wyoming hay production has also improved since last year, but many growers haven’t been able to stockpile much of it. He says if heavy snow comes early this year, cattle ranchers might not have enough to feed their herds through the winter.