Harvesting more crops than previous years seems like it would only be a good thing, but that's not always the case.
Farmers in North Dakota are harvesting later than usual due to wet conditions this summer, but yields are expected to be higher. A dilemma some farmers are facing is having somewhere to put it all.
Dr. Clair Keene, Specialist in Cropping Systems at the Williston Research Extension said, "Elevators out here are a bit backed up. The grain isn't flowing as quickly as some of them would like. So that means farmers, especially If they have really big yields, need to be able to store that grain."
For the past several years, crop prices have been dropping. The prices received index estimates the prices producers receive for about 100 crop and livestock commodities. Right now that index is half of what it was five years ago.
Dr. Keene added, "They might be hesitant to sell it right now. We don’t really have much premium out there for that. So they're looking for options for how to hold it until the prices improve."
Keene said that's probably the best option, but if they don't have that ability, then buying more grain bins is the answer.