By Scout Nelson
While cattle prices have hit record highs in 2024, crop prices have remained largely stagnant. According to data from the USDA, average prices for corn and soybeans in Nebraska have been stuck in low gear. As of May 2024, corn prices were approximately $3.00 per bushel lower than the highs seen in early summer 2022, while soybean prices fell $6.00 per bushel.
For example, recent cash bids for corn in Nebraska ranged from $3.89 per bushel in the southwest to $4.15 per bushel in the northeast. Soybean bids varied from $9.36 in the northwest to $9.89 in the east. Wheat prices ranged from $4.31 in the northwest to $4.91 in the south.
Looking ahead, USDA forecasts project the average corn price for the 2025/26 marketing year at $4.20 per bushel, down 15 cents from the 2024 crop year. The forecast for soybeans is $10.25 per bushel, compared to $9.85 last year. These price projections are based on trend-line yields for both corn and soybeans, with 181 bushels per acre for corn and 52.5 bushels per acre for soybeans.
Despite favorable growing conditions, with nearly 75% of corn rated good to excellent and 65% of soybeans in good condition as of July 6, price increases seem unlikely. Even with lower-than-expected production, demand uncertainties could weigh heavily on price movements. For instance, while corn exports have exceeded expectations, soybean exports—especially to China—have been significantly lower this year.
The ongoing uncertainties regarding export markets, particularly China’s reduced purchases of U.S. soybeans, coupled with improving crop conditions, leave little room for significant price jumps. For crop producers, generating positive returns remains a challenge, as price movements appear sluggish despite favorable conditions.
Photo Credit:pexels-karolina-grabowska
Categories: Nebraska, Crops, Corn, Soybeans, Livestock, Beef Cattle, Dairy Cattle