While commodity markets for corn and soybeans usually dip this time of year thanks to international harvests in South American countries like Brazil global uncertainty over the coronavirus and its impact is pushing them even lower.
The prices for corn, soybeans, and most other commodities opened Monday trading well below highs they achieved earlier in March.
The Director of National Government Relations for the Indiana Farm Bureau, Bob White, says that’s mainly due to uncertainty in the market caused by global fears of the coronavirus.
That uncertainty has also led to fears that the nation’s food supply is stressed. White, however, reassures there is plenty of food to go around and that supermarkets are increasing their orders to keep up with demand.
“Markets have basically doubled and tripled some of their orders that they normally put in," White says. "So the next day they are fully restocked and ready to go. The food supply is in great shape currently.”
White says growers here in Indiana have also been hurt by declining demand for ethanol, but believes the latest market downturn is only temporary.
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