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Production, trade disputes will keep soybean prices lower
The combination of large production and trade disputes has an agriculture economist projecting pressure on soybeans in the foreseeable future. Gary Schnitkey at the University of Illinois says soybeans will be lower than the $9.75 they’ve averaged for the last few years.
“I would be betting on soybeans closer to $9 for the foreseeable future,” Schnitkey told Brownfield Ag News, “and I simply don’t see anything that’s going to take us up there unless we resolve this trade issue fairly quickly.”
There’s more optimism for corn prices, but Schnitkey says that could change in the next year.
“Farmers are likely to be making adjustments in their acreage in 2019 – probably more acres in corn, more acres in cotton, more acres in wheat and less acres in soybeans,” said Schnitkey, “and that could bring those prices down as well.”
“Mid-to-high threes” is what Schnitkey is expecting for corn prices in the near term. Schnitkey talked to Brownfield Ag News at the Illinois State Fair.
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