Economists with the Food and Agricultural Policy Research Institute at the University of Missouri just released an update to its baseline price report, and assuming a return to more normal weather conditions in 2020, researcher Pat Westhoff said, “Projected corn and soybean production should rebound.”
Projected 2020-21 marketing year average prices for corn fall to $3.39 per bushel and soybean prices fall to $7.94 per bushel. This year’s update was prepared the week of August 19. Policies in place at that time, including China’s 25 percent retaliatory tariff on U.S. soybeans and other farm products, are assumed to remain in place.
The update uses 2019 acreage, yield and production estimates included in United States Department of Agriculture’s August 2019 Crop Production report.