As 2024 comes to a close, local ADM Grain Merchandiser Dan Bowman says this year was a mixed bag:
“You look at the production side of it and it was likely a record year for at least corn production in our area, which is a great thing because the other side of that is prices have diminished over the last year and a half or so with our recent highs of six and seven dollar a bushel corn and fourteen, fifteen, sixteen dollar beans, so a transition into more production for less of a price. Not always can you tighten the belts quick enough when that happens from a financial perspective, from a producer standpoint, so it is kind of a tough transition for everybody.”
According to the USDA, total animal/animal product cash receipts are expected to increase $21.0 billion (8.4 percent in nominal terms) from 2023 to $270.6 billion in 2024. Chicken egg receipts are forecast to see the largest percentage increase among animal product commodities. Crop cash receipts are forecast at $246.2 billion in 2024, a decrease of $25.0 billion (9.2 percent) from 2023 in nominal terms. Combined receipts for corn and soybeans are forecast to fall $23.5 billion, however, vegetable and melon receipts are expected to increase.
