University of Minnesota Extension Crops Economist Ed Usset wants farmers to know their production costs, “That’s your first step. It gives you an idea of where you want to start,” said Usset. Futures prices are below average production costs. “I don’t like pricing grain below my production costs. Show me something above $5.40 for Dec ’24 corn or $13.00 in November ’24 soybeans to get me interested in next year.” Usset says the grains will need a new headline for trade to break out of recent trading ranges.
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