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USDA price outlook projects continued slide

USDA is projecting a continued downturn in commodity prices for 2024.

Chief economist Seth Meyer tells Brownfield the slide began more than a year ago.

“Off of those peaks in 2022. And generally speaking, the expectation is that for the 2024/2025 crop season that we’ll see yet lower prices for most commodities. There are some exceptions, cotton being one of them.”

He says corn farmers are averaging around $4.80 for the crop they’re marketing now versus $4.40 for the coming year.

“So you’re talking about a reduction of 40 cents for 24/25. Similarly for beans, we’re talking about a slide down to $11.20 (and) wheat down to $6 (per bushel).”

Meyer says historically these aren’t bad prices, but the problem is input costs remain substantial.