- This time last year, the U.S. was suffering from a severe drought that hit production and sent corn prices (CORN) to a record high of $8.31 a bushel.
- Now, the harvest is expected to rise to at least 14M bushels from 10.8M in 2012, causing prices to sink to $4.65 a bushel. Soybean is down by over 20% from a year ago.
- While the drop in prices - which is forecast to continue - is hurting farmers, it's providing relief for meat producers and other food companies.
- Relevant livestock ETFs include COW and UBC.