AGR I CULTURAL News
Keeping an eye on the price of corn
The US Department of Agriculture (USDA) recently released its corn price projections for the next 10 years. Unlike other more optimistic orga- nizations, such as the International Monetary Fund and the Organization for Economic Cooperation and Development, the USDA expects a decline in corn prices over the next year. Despite the volatility of certain factors, including the total area that will be seeded in North America this year and in 2015, the USDA expects the price of corn to fall to $3.65 per bush- el (/bu) in 2014-2015. It is expected to reach a low of $3.30/bu next year before slowly climbing back. These will be comparable to the low prices of 2007 rather than to the historic lows that occurred in the early years of the twenty-first century.
Since the corn planting decisions of U.S. producers for this year are not yet known, and because the current price of soybeans is rela- tively high compared to that of corn, it is also possible that pro- ducers will dedicate less acreage than expected to corn, in favour of soybeans. The USDA forecasts that the price of corn futures will be about $4.84/ bu in 2015, $4.94/bu in 2016, and $4.55/ bu in 2017. For other grain crops, the USDA predicts that the price of wheat and soybeans will fall by 20-25 percent in 2014. However, these forecasts could be compromised if weather conditions are poor this summer. If that is the case, grain prices could increase once again.
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