The USDA projects stable, lower prices for US crops
Wednesday this week, the USDA published their annual agricultural projections report , going all the way to 2033. After historically high prices in recent years, the USDA now projects crop prices to decline or remain stable at lower levels in the years 2024-2030. Wheat prices are expected to drop from $7.30 per bushel in 2023/24 to $6.80 in the first year of the projection period, to then stabilize at $6.00 per bushel throughout the period. The USDA bases their projection on US and international agricultural policies, export and import levels, current crop yields, biofuels assumptions, and macroeconomic assumptions. They for example assume current US and international agricultural policies and trade agreements will remain in effect until 2033. Western economic sanctions towards Russ...