PEORIA, Ill. – The pandemic keeps causing concerns in the agricultural community, but an expert says there’s a reason to be optimistic.
Todd Hultman is a grain market analyst with DTN, and says corn prices continue to look good, after a year where Illinois lead the nation in corn production.
But, Hultman says, soybean prices are now the issue.
“We’re looking at Brazil, who has a big soybean crop coming up,” said Hultman. “So far, conditions look pretty good, and they’re already starting to compete with us in the January markets.”
Hultman — at the Greater Peoria Farm Show — says that’s after prices just rebounded after China decided to make a big purchase of U.S. beans again.
“The export sales on soybeans have really been sluggish,” said Hultman. “So, the concern is, we actually had close to a record crop last year in spite of the drought in the northwestern Corn Belt. We have a decent supply of soybeans built back again.”
Hultman says the issue will be whether the U.S. can export all those beans back out again.
He says farmers will will see some residual issues related to the supply chain problems and natural gas as well, but there’s plenty of optimism in the new year.
The Greater Peoria Farm Show continues at the Peoria Civic Center through Thursday.
