When it comes to corn and soybean prices in 2024, expectations have lowered from crop years 2021 to 2023. Brad Zwilling with Illinois Farm Business Farm Management says as we round out 2024 and start to look ahead to 2025, there is an increasing pessimism around the markets.
“Let’s look at corn, and we’re looking at a December ‘24 contract- that’s what’s used those February settlement prices to set our crop insurance guarantee. That was at $4.66 back through February, and since that time, it has decreased. So we’re looking at, more like a $4 price there. So you could reasonably expect harvest prices to be a four or four below- but for the marketing year, hopefully on a projected budgeting point we can squeeze out $4 throughout the whole marketing year,” says Zwilling. “And soybeans, we’ve seen about the same thing we’ve seen that is, you know, lower as well. That price was set at $11.55 but has been decreasing as well. And trading, you know, $10.20, range or lower since then. So cash prices at harvest, $10 and so hopefully, we can get $10.50 out of that.”
According to FarmDoc Daily Contributors, grain markets are showing signs of a lower price period similar to 2014 to 2019. During this time, farmers received an average price of $3.64 per bushel for corn and $9.69 per bushel for soybeans.
