August 1, 2022

Ag Economy

Cash Field Crop Industry Snapshot

USDA Prospective Plantings Report

Good or Excellent As of July 10  Previous Week Previous Year 
 National Corn  64%  64%  65%
 National Soybeans  62%  63%  59%
 New York Corn  60%  60%  86%
 New York Soybeans  49%  64%  82%
  • Prices for grains and oilseeds remain very high but have declined since last quarter, with July corn futures trading at $7.47/bu, and July soybean futures at $15.91/bu.1  
  • USDA forecasts corn prices for the 2022/23 market year, at $6.65 (2021/22: $5.95). Soybean prices are forecast at $14.40 for 22/23 (2021/22: $13.35).2
  • Export demand is forecast down slightly. Corn exports for the 2022/23 marketing year are projected at 2.40 billion bushels, slightly lower than last year. China has been a much more significant buyer of U.S. corn than in previous years and continues to be the leading destination for U.S. soybean exports, but economic weakness there may affect their purchasing.
  • There is a great deal of concern about input costs. This may be driving a shift to soybeans which need less fertilizer, and continue to receive high prices. Concerns remain about fall fertilizer availability and cost.   

1 CBOT Futures

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