As farmers wrap up their harvest, corn prices sit at considerably lower prices than they have been in previous years. Disruptions that impacted the grain market causing prices to rise have started to dissipate, causing prices to come back down into the $4.50 range says University of Illinois Ag Economist Gary Schnitkey.
“The Ukraine-Russia war continues but the world’s gotten kind of used to it. Other areas have filled in the supply that Ukraine used to have and we’re moving some of the grain out of there,” said Schnitkey. “The Gaza, Palestinian, and Israeli situations, add uncertainty that is likely to impact our fuel cost in the future; we’ll have to wait and see. But we don’t really think that that’s going to have much impact on corn and soybean prices because it’s not in a production area, but we’ll have to wait and see.”
Schnitkey adds that the biggest challenge farmers could face this year is getting used to the lower grain prices again.
