The U.S. Department of Agriculture just released its key Aug. 1 forecast of corn production for 2025. It predicts a record harvest, up 13% from last year.

This is good news for the overall economy — more output from available resources is better than less. Also, all other things being equal, it is good for some farmers including livestock operations that buy a lot of corn.

However, contrary to what many might think, a big crop is bad on balance for farmers who sell corn. That apparent paradox — greater output bringing less income — contains an economics lesson.

News of this ag forecast was largely submerged in the brouhaha over the Bureau of Labor Statistics employment and consumer price numbers, a blaze re-stoked by President Donald Trump naming a new BLS commissioner with no experienc

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