David Rogers reported yesterday at Politico that, “Updated projections by the Agriculture Department on Thursday forecast significant price declines for corn, wheat and even soybeans — all large enough to trigger potential payments under the new farm bill.
“Corn stands out the most, with average prices dropping to $3.90 per bushel in the coming crop year, even after the department assumes reduced plantings. Wheat would fall to $5.30 a bushel, also with reduced plantings.
“Soybeans fare best of the three and will continue to see increased plantings. But the $9.65-per-bushel price reflects an estimated 24 percent decline from what the department estimated for the current 2013-2014 farm cycle.”