Market News & Headlines >> USDA Sees Flat Corn, Soy, Wheat Prices
USDA projects that U.S. on-farm prices for corn, soybeans and wheat will remain relatively flat in 2019-20.
The U.S. on-farm corn price for next marketing year is projected to average $3.65 per bushel, up a modest 5 cents from this year’s expected average, USDA Chief Economist Robert Johansson said at the agency’s annual outlook conference.
Johansson added that the on-farm average price of soybeans is expected to be $8.80, up 20 cents from this year, while the average wheat price is expected to rise 5 cents in 2019/20 to $5.20.
Record high U.S. soybean stocks due to the U.S.-China trade situation would take “several years to unwind”, which will weigh on prices going forward, Johansson said. Soybean prices will likely take until at least the 2020 crop year to recover, he said.