U.S. grain and oilseed prices projected to decline, but remain above pre-2007 levels

A chart showing U.S. farm level prices of corn, wheat, and soybeans.

Weather has been an important factor affecting global wheat, corn, and soybean production over the past several years, leading to increases in grain and oilseed prices since 2009/10. Prices for grains and oilseeds are projected to decline in the near term as global production responds to recent high prices. Nonetheless, after these initial price declines, long-term growth in global demand for agricultural products, a depreciating dollar, and continued biofuel demand, particularly in the United States, the EU, Brazil, and Argentina, hold prices for corn, oilseeds, and many other crops above pre-2007 levels. These projections are based on a conditional, longrun scenario that assumes normal weather, a continuation of current U.S. farm legislation, specific U.S. and international macroeconomic conditions, and U.S. and foreign agricultural and trade policies. This chart is from USDA Agricultural Projections to 2022, OCE-131, February 2013.

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