. >> reporter: carol miller is checking her corn. >> it's getting closer to being mature. >> reporterthat means it's also getting close to harvest, which is expected to set a record. more than $14 billion bushels of corn may produced in the u.s. this year, a lot more than when we first met miller two years ago in the middle of the worst midwest drought in half a century. >> we probably are going to lose 20 to 40% on something like that. >> reporter: that was 2012. and now? now you have too much corn. >> i can never say too much. >> reporter: there is so much corn coming, prices have collapsed to lows not seen in years. some suggest corn is now selling at below break-even levels. and that means farmers are going to cut back on their spending. equipment makers at the massive farm progress show in iowa this week are figuring out how they're going to weather a down turn, which some analysts say could last years. >> i think we're going to see it across the whole ag value chain. farmers looking at ways to cut costs, whether in fertilizer or inputs. >> reporter: deere laying off workers, and

that's where we first met carol miller in the middle of the worst midwest drought in half a century.robably are going to lose 20% or 40% on something like this. and if that is the size of the crop that's up there the whole field will have a reduction in yield. >> well, droughts sent prices skyrocketing, but you know what? it turns out yields were better than expected due to drought tolerance feeds, there was crop insurance, it was a good year 2012 for most farmers. fast forward to now. >> now you have too much corn? >> i can never say too much. >> it's looking like more supply than demand. corn prices have collapsed into the mid $3 range. many farmers are planning to hold onto some corn and not sell it waiting for better prices but miller said some are still holding onto last year's corn and now there's this story in "the new york times" that these people can't get their corn on the trains because it's filled with north dakota oil. she presold some corn in the $4.50 range. wishes she sold more. corn is now nearing break-even maybe lower. which affects equipment buying decisions of mi