Around the world, chronically low crop prices are keeping farmers from making a living despite record harvests.
Crops are in across the U.S. farm belt, with record harvests filling farmers’ silos with grain and their hearts with pride. Yet persistent and punishingly low prices for those crops leave them no better off for their efforts. Net farm income this year is about half what it was in 2013.
U.S. farmers are not alone. The world is experiencing what Reuters called a “global grain glut,” with many staple food crops filling silos from Brazil to the Ukraine. Crop prices have fallen dramatically, with serious repercussions for farmers, particularly poor farmers in developing countries.