Low commodity prices eventually stimulate demand. However, there is uncertainty about policies. “We don’t know what may happen in terms of biofuel mandate for both corn and soybeans,” said Tanner Ehmke, lead economist for grains and oilseeds, CoBank. “There’s a bit of uncertainty with trade risk and the potential for trade wars. Overall, the big picture is very strong, but we’ve got some headwinds and some uncertainty heading into 2025.”
