Slowing demand for key commodities such as wheat and soybeans continues to depress prices for farmers, according to the latest estimates from the U.S. Department of Agriculture. Meanwhile, rising prices could spell long-term volatility for the meat industry.
Wheat, corn and soybean prices were revised slightly downward in the USDA’s most recent World Agricultural Supply and Demand Estimates released last Thursday. Cattle, pork and poultry prices are all expected to rise.
Farmers have marketed most of their crops for the 2023-2024 cycle, though some have held on to their commodities in hopes of higher prices. The agency next month is scheduled to release its first estimates for the 2024-2025 crop.
April 16, 2024
Sarah Zimmerman
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