Current levels of futures contracts suggest that appropriate budgeting prices for 2024 crops production are $4.00 per bushel for corn and $10.50 per bushel for soybeans. Those prices would result in low returns in 2024, far lower than the last low-price period from 2014 to 2019. Much higher costs cause lower 2024 returns. Those budget price forecasts could change with unforeseen events, as does occur in agriculture. Over the next several months, estimates for returns and incomes will solidify. Still, it seems prudent to plan for much lower prices.
