Crop prices to stay near pre-2020 levels amid abundant supply
Corn and soybean prices are forecast to remain near pre-2020 levels for the foreseeable future, according to reports from agricultural experts.
A think tank at the University of Missouri projects that average prices for corn, soybeans, and wheat will stabilize between 2025 and 2030.
Corn prices are expected to average $4.12 per bushel, soybeans $9.98, and wheat $5.70 per bushel during this period.
This prediction marks the lowest farm-gate prices for corn and soybeans since 2019 and for wheat since 2020. The USDA also projects that lower crop prices and increasing production costs will lead to a decline in net farm income this year. However, farm income will remain higher than the average of the last decade.
A record soybean harvest and a bumper corn crop are anticipated this season, with forecasted prices of $4.10 per bushel for corn and $9.99 per bushel for soybeans.
An increase in global supplies and a strong U.S. dollar are contributing to the drop in crop prices. Barring any unexpected disruptions, prices are projected to stay stable over the next five years.
While crop prices level off, cattle prices are expected to stay strong due to high demand and limited supply. Hog prices are likely to improve by 2026, and poultry production will see moderate growth through 2029, supporting livestock markets in the coming years.