Many of the factors that pushed farm prices to record or near-record levels in 2022 have reversed or moderated this year. The Food and Agricultural Policy Research Institute at the University of Missouri made that point in the release of its baseline numbers. If trendline yields happen, FAPRI said corn, soybean and wheat prices will likely decline further next year. The expansion of the biofuels industry is expected to support soybean and soybean oil prices, but the increased crush will push meal prices lower. Regarding the livestock sector, prices for fed cattle and feeder cattle are forecast to peak in 2025. FAPRI said beef production in 2025 will be 2 billion pounds lower than in 2022.
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