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A record amount of %Corn is being held in farm silos across the U.S., putting downward pressure on prices of the leading agriculture commodity.

Farmers across America put off corn sales last year after fields dried up in May and June, fueling hopes of smaller autumn harvests and higher prices.

However, late summer rains saved the 2023 crop and led to high corn yields, leading to excess supply and a price collapse.

American farmers are now struggling to sell record amounts of corn, with many selling at a loss. The price of corn is now at $4.13 U.S. per bushel, the lowest level since November 2020.

Corn remains the world's most traded crop and often sets the tone for other commodities. Soybeans, for example, are also currently trading at their lowest price in three years.

Corn prices were as high as $6.30 U.S. a bushel last June, and many farmers expected prices to rise above $7 U.S. by fall. But instead, a strong crop yield led prices to collapse.

Now, U.S. farmers are sitting on 7.83 billion bushels of corn in storage bins on their farms, the most ever, according to the U.S. Department of Agriculture.

Globally, corn inventories are now projected to reach a five-year high in 2024 after accounting for corn that’s used to feed livestock and make biofuels.

Illinois, which is the second biggest corn-producing state in America, is projecting that farmers could lose up to $160 U.S. an acre growing corn this year due to the depressed price.

By comparison, corn profits were at $340 U.S. an acre in Illinois two years ago.

The American Farm Bureau Federation, an industry group, said in a report released earlier in February that net farm income this year could see its largest year-over-year decline ever.