Corn and soy prices to hold steady through 2029

Sep 05, 2024
By Farms.com

Crop prices to stay near pre-2020 levels amid abundant supply

Corn and soybean prices are forecast to remain near pre-2020 levels for the foreseeable future, according to reports from agricultural experts.

A think tank at the University of Missouri projects that average prices for corn, soybeans, and wheat will stabilize between 2025 and 2030.

Corn prices are expected to average $4.12 per bushel, soybeans $9.98, and wheat $5.70 per bushel during this period.

This prediction marks the lowest farm-gate prices for corn and soybeans since 2019 and for wheat since 2020. The USDA also projects that lower crop prices and increasing production costs will lead to a decline in net farm income this year. However, farm income will remain higher than the average of the last decade.

A record soybean harvest and a bumper corn crop are anticipated this season, with forecasted prices of $4.10 per bushel for corn and $9.99 per bushel for soybeans.

An increase in global supplies and a strong U.S. dollar are contributing to the drop in crop prices. Barring any unexpected disruptions, prices are projected to stay stable over the next five years.

While crop prices level off, cattle prices are expected to stay strong due to high demand and limited supply. Hog prices are likely to improve by 2026, and poultry production will see moderate growth through 2029, supporting livestock markets in the coming years.

Video: Evolution of Beef Cattle Farming

The Clear Conversations podcast took to the road for a special episode recorded in Nashville during CattleCon, bringing listeners straight into the heart of the cattle industry. Host Tracy Sellers welcomed rancher Steve Wooten of Beatty Canyon Ranch in Colorado for a wide-ranging discussion that blended family history and sustainability, particularly as it relates to the future of beef production.

Sustainability emerged as a central theme of the conversation, a word that Wooten acknowledges can mean very different things depending on who you ask. For him, sustainability starts with the soil. Healthy soil produces healthy grass, which supports efficient cattle capable of producing year after year with minimal external inputs. It’s an approach that equally considers vegetation, animal efficiency, and long-term profitability.

That philosophy aligned naturally with Wooten’s involvement in the U.S. Roundtable for Sustainable Beef, where he served as a representative for the Colorado Cattlemen’s Association. The roundtable brings together the entire beef supply chain—from producers to retailers—along with universities, NGOs, and allied industries. Its goal is not regulation, Wooten emphasized, but collaboration, shared learning, and continuous improvement.