Agronomist Forecasts Lower Corn, Soybean Prices
Blames soybean glut, ever increasing yields, and continuing trade war with China
Todd Hubbs, an agronomist at the University of Illinois, predicted that average soybean prices per bushel will be $8.30 in the 2019-20 marketing year, down from $8.50 this year, reports Effingham News.
Corn prices per bushel could increase from $3.60 to $3.70, he said, but are still expected to be below the average price since around 2007 of $4.38.
Hubbs blamed a glut of soybeans, along with ever increasing yields of corn and soybeans and the continuing trade war with China.
But he said that even if the trade war is resolved, that won't entirely save soybean prices, which have below the average price since around 2007 of $11.18 a bushel for the last few years.