2024 forecast not as sunny for corn, soybeans

Farmers Forum staff

OTTAWA —The 2023-24 crop-marketing season won’t be as profitable as the early 2020s, Farm Credit Canada says in its latest outlook. Canadian farmer margins are being squeezed by declining commodity prices in combination with still-high input costs. It adds up to the “perfect storm” for growers after several good years, FCC reporting.

The federal agricultural lender’s gloomy prediction is tempered by the fact that prices for corn and soybeans will still be above the 5-year-average price of $230/tonne for corn and $510/tonne for soybeans. In fact, the price will be much higher.

FCC forecasts a 2023-2024 average corn price of $280/tonne, down from this year’s $320/tonne.

The forecasted 2023-2024 average soybean price is $685/tonne, down from this year’s $715/tonne.

While fertilizer prices are forecast to continue declining through 2025 from the levels seen in 2022 and 2023, those prices still won’t drop as low as in 2021, according to FCC. Diesel fuel is projected to be a bit cheaper.