Title: Corn, Soybean, Wheat Price Projections for 2017-18 Marketing Year | Successful Farming
Headings: Corn, Soybean, Wheat Price Projections for 2017-18 Marketing Year
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Corn, Soybean, Wheat Price Projections for 2017-18 Marketing Year
Update: See short- and long-term price projections for 2018.
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Content: That’s all I need to say really,” Westhoff said. The markets are pushing prices down to wheat’s feed value. Westhoff looked at some of the reasons commodity prices are depressed. The main one is basic global supply. Since 2002, world production of four major crops – corn, wheat, rice, and soybeans – has grown by 846 million tons or 48%. Yields have kept pace with the world’s annual population growth rate of 1%. China’s growing economy and ethanol usage helped drive per-capita use of corn up, Westhoff said, but those two drivers of demand no longer grow rapidly. “Is there a new engine of growth out there?” Westhoff asked. None of the potential candidates seem to be as promising as China, he said.