While the Biden administration’s focus on rural communities is supposed to add value, vitality and promise, it comes at a time when some producers hope to make up for other declines. Specifically, three crops have trended down after having lucrative surges, which threaten to reduce operating income for landowners.
FLASHBACK: Corn prices hit 8-year high in May 2021.
Corn, soybeans and wheat have all fallen in value over the past 12 months. Although, those declines followed nearly two years of substantial gains that coincided with the time that the United States was dealing with the wrath of COVID-19.
BY THE NUMBERS (COMPARED TO SEPTEMBER 2022):
Corn -- ↓27% to $5.21 per bushel
Soybeans -- ↓7% to $13.20 per bushel
Wheat -- ↓19% to $7.07 per bushel
The chart below gives a broader view and compares the monthly prices for corn, beans and wheat since 2021.
(Source: USDA October 2023 Monthly Prices)
RELATED: Look at the trends for other crops in the full USDA monthly price report.
Farm Policy News breaks down how weather patterns and Russia have impacted overall prices and dropped harvest crop insurance below spring guarantees. Read that here.