The futures market indicates corn prices will stabilize or increase slightly and soybean prices will decrease slightly in 2024, while demand will remain strong domestically yet continue to struggle on the world market.

“It’s an interesting time,” Chad Hart, Iowa State University Extension economist and crop markets specialist, said during a Pro Ag Outlook webinar Nov. 17.

“I call it an adjustment back to normal or back to where profit margins usually are when we look at agriculture.”

Hart highlighted the U.S. De­partment of Agriculture’s (USDA) recent crop market outlook and U.S. corn and soybean supply and use report, likening the current market situation to a decade ago.

Strong profit margins in 2012-13 with $6 to $7 per bushel corn and ...