Surplus crop supplies contributed to lower commodity prices in recent years. However, that could change in 2025 if USDA’s latest supply and demand report is any indication. “We see these ag cycles and we’ve been on a downward trend for the past two years after peaking in 2022 when we had record net farm income,” said Chad Hart, Extension economist, Iowa State University. “We’ve watched that get cut by at least 25-30 percent over the last couple of years, but now we’re getting these prices down low enough that it is starting to reinvigorate, especially international demand.” Hart spoke at the NDSU Crop Insurance Conference.
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