Farming prices in the US have soared to a record level.
The corn crop is forecast to produce just over a billion tonnes of grain by 2020, and will become the world’s second largest crop by 2030, according to the US Department of Agriculture.
The increase is due to a corn boom which has taken place across the US since the start of the year.
Farmers are expecting to produce more corn than in 2016, the USDA has forecast, as corn prices surged above $10 per bushel, with corn growing at a rate of 7.2 per cent per annum in the past 12 months.
But the corn price jump has already cost US farmers a total of $2.5 billion.
Some farmers have already been affected by the price hike, and are being forced to make tough choices, said Mark Karr, an agronomist with the Agri-Business Federation.
“We’ve had a lot of farmers struggling with it, especially in the south,” he said.
The government is in talks with farmers, but has yet to commit to any price increases, he added.
Agricultural commodities markets in the United States have been affected in recent months by a surge in corn prices.
US corn farmers have reported seeing prices increase by 40 per cent on average since late November.US corn is also the world market leader in protein, with US corn producing more than 10 per cent of the world production.
The USDA says US corn yields have increased by 4.2 million bushels per acre since the beginning of this year, with the average US corn yield at the end of April rising by more than 1.4 million bushels per acre.
The US corn crop will be the second largest in the world by 2020 and the second-largest in the U.S. in 2030, the US government has forecast.US farmers are now expecting to receive more than $1.3 billion in compensation from the spike in corn and other agro-related prices.