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Midwest Crops Conference: a corn and soybean outlook

An ag economist says there are multiple factors that could impact farmers’ acreage decisions this year. University of Missouri’s Scott Brown says farmers are facing ongoing volatility in corn and soybean prices, increased production costs and rising interest rates this year.

“But when you look at corn relative to soybean prices, I think it favors corn a little bit. I honestly think we could plant more corn and soybeans this year, slightly more. It will all come down to spring weather during planting.”

Brown says he’s optimistic export demand in corn will pick up. And while China will be an important buyer to watch, new buyers will be needed to keep U.S. demand strong.

“I think growth will happen outside of the United States, not so much within it.”

He says there’s also a growth in domestic soybean crush due to increased demand in soybean oil, which will remain an important demand driver for soybeans.